Post the journal entries prepared above to the appropriate T-accounts.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Indege PLC manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller.

Direct Labor: Direct Material:
Quantity, 0.29 hour Quantity, 8 kilograms
Rate, $14.50 per hour Price, $0.68 per kilogram

Actual material purchases amounted to 412,800 kilograms at $0.700 per kilogram. Actual costs incurred in the production of 48,000 units were as follows:

Direct labor: $228,096 for 15,360 hours
Direct material: $273,840 for 391,200 kilograms

 

Required:

Post the journal entries prepared above to the appropriate T-accounts.

(1)Raw Material inventory (2) Work-in-process Inventory (3) accounts payable (4)Wages payable (5) Cost of goods sold (6) Direct Material Purchase Price variance (7) Direct Material Quantity variance (8) Direct Labour Rate Varianxce (9) Direct labour efficiency varianxe

 

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