Yohan Company has the following balances in its direct materials anddirect labor variance accounts at year-end:Direct Materials PriceDebitCreditVariance$1,000Direct Materials Quantity$2,000Variance$500Direct Labor Rate Variance$3,000Direct Labor EfficiencyVarianceUnadjusted Cost of Goods Sold equals $200,000. Which of the followingwould be FALSE when the year-end closing entry is made?O The Cost of Goods Sold account will be debited.O Adjusted Cost of Goods Sold will be $198,500.The Direct Labor Rate Variance account will be debited.O The Direct Materials Price Variance account will be credited.

Name: Yohan Company has the following balances in its direct materials andd
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Yohan Company has the following balances in its direct materials anddirect labor variance accounts at year-end:Direct Materials PriceDebitCreditVariance$1,000Direct Materials Quantity$2,000Variance$500Direct Labor Rate Variance$3,000Direct Labor Eff

The right answer is option a The cost of Goods Sold account will be debited

Answered: ohan Company has the following balance…

Business

Accounting

ohan Company has the following balance irect labor variance accounts at year-enc Direct Materials Price Variance Direct Materials Quantity Variance Direct Labor Rate Variance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

arker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year llows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($345,800 910,000 units) arker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,040,000 11,400,000 $ 9,120,000 308,000 $ 3,449,600 $ 689,000 $365,000 Standard Unit C $9.96 3.15 0.66 0.38
1. Compute for Spending Variance 2. Compute for Variable Overhead Efficiency Variance 3. Compute for Controllable Variance
Compute for the variances of the problem using the information given. Answer the numbers only up to two decimal places. A. Compute for Labor Efficiency Variance B. Compute for Labor Spending Variance C. Compute for Labor Rate Variance
The journal entry to record the direct materials quantity variance may be recorded A. Only when direct materials are purchased B. When inventory is taken at the end of the year. C. Only when direct materials are issued to production: D. All of the choices are correct
Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $4.40 per pound) Direct labor (6 hours @ $14 per hour) Variable overhead (6 hours @ $8 per hour) Fixed overhead (6 hours @ $11 per hour) $ 132.00 84.00 48.00 66.00 $ 330.00 Standard cost per unit Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 50,000 units per quarter. The following additional information is available. Production (in units) Standard direct labor hours (6 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Operating Levels 70% 80% 90% 35,000 210,000 40,000 240,000 45,000 270,000 $ 2,640,000 $ 1,680,000 $ 2,640,000 $ 2,640,000 $ 1,920,000 $ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 45,000 units; actual direct labor totaled 266,000 hours. Units produced were assigned the following…
Please help me with show calculation thanku
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost
Which of the following is true of direct labor variances? a. The labor efficiency variance measures the difference between what was paid to direct laborers and what should have been paid. b. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that should have been used. c. The labor rate variance measures the difference between the labor hours that were originally budgeted and the labor hours that should have been used. d. The labor rate and labor efficiency variances will always add up to the total labor variance. e. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that were originally budgeted.
Required: Calculate all variances and prepare an operating statement for the month endedJune 2015 by using the following table format. Sales variances £ Favourable (F)/Adverse (A) Sales price variance: Sales volume variance: Total sales variance Direct material variances £ Favourable (F)/Adverse (A) Material price variance: Material usage variance: Total direct material variance Direct labour variances £ Favourable (F)/ Adverse (A) Labour rate variance: Labour efficiency variance: Total direct labour variance Variable overhead variances £ Favourable (F)/ Adverse (A) Variable…
The direct labor rate variance is calculated by multiplying the standard hours that should have been worked for the actual output by the difference between the standard labor rate and the actual labor rate. O True O False
Complete the standard cost variance analysis
Dhapa