Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9)Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 perraft. This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours of direct labor at$9.00 per hour. The following data pertain to November:• Work-in-process inventory on November 1: none.• Work-in-process inventory on November 30: 880 units (75 percent complete as to labor; material is issued at thebeginning of processing).• Units completed: 6,600 units.• Purchases of materials: 51,000 kilograms for $303,450.• Total actual labor costs: $327,520.• Actual hours of labor: 35,600 hours.• Direct-material quantity variance: $2,400 unfavorable.BookPrintЧеrencesRequired:1. Compute the following amounts.a. Direct-labor rate variance for November.b. Direct-labor efficiency variance for November.C. Actual kilograms of material used in the production process during November.d. Actual price paid per kilogram of direct material in November.e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November.f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end ofNovember.2. Prepare journal entries to record the following:a. Purchase of raw material and rate variance.Addina dienat matarial n Warte in DecconMcGrawHill< Prev14 of 24Next12:54 PM3/26/2021*DIIPrt ScnHome 9End 10Pgup%2324%&34.56789ET.Y1OGC VB NMAlt Check my waRequired:1. Compute the following amounts.a. Direct-labor rate variance for November.b. Direct-labor efficiency variance for November.c. Actual kilograms of material used in the production process during November.d. Actual price paid per kilogram of direct material in November.e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November.f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end ofNovember.pok2. Prepare journal entries to record the following:a. Purchase of raw material and rate variance.b. Adding direct material to Work-in-Process Inventory and efficiency variance.C. Adding direct labor to Work-in-Process Inventory and labor variances.TinterencesComplete this question by entering your answers in the tabs below.Req 1AReg 1BReq 10Req 1DReq 1EReq 1FReq 2Compute the direct-labor rate variance for November. (Indicate the effect of each variance by selecting"Favorable" or"Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Round intermediate calculations to 2 decimalplaces.)Direct-labor rate variance< Reg 1AReq 1B >McGrawHill< Prev14 of 24Next >12:55 PM3/26/2021DIIPrt ScnPgup mHomeEnd oPgDn%2324%&3.469EYUPnGH.KC V B NMAlt

Name: Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9)Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 perraft. This includes 8 kilograms of direc

Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Business

Accounting

Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9) Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 pe raft. This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours of direct labor at $9.00 per hour. The following data pertain to November: Work-in-process inventory on November 1: none. Work-in-process inventory on November 30: 880 units (75 percent complete as to labor, material is issued at the beginning of processing). • Units completed: 6,600 units. • Purchases of materials: 51,000 kilograms for $303,450. • Total actual labor costs: $327,520. • Actual hours of labor: 35,600 hours. Direct-material quantity variance: $2,400 unfavorable. Book Print ferences Required: 1. Compute the following amounts. a. Direct-labor rate variance for November. b. Direct-labor efficiency variance for November. c. Actual kilograms of material used in the production process during November. d. Actual price paid per kilogram nf direct matorial in

Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9) Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 pe raft. This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours of direct labor at $9.00 per hour. The following data pertain to November: Work-in-process inventory on November 1: none. Work-in-process inventory on November 30: 880 units (75 percent complete as to labor, material is issued at the beginning of processing). • Units completed: 6,600 units. • Purchases of materials: 51,000 kilograms for $303,450. • Total actual labor costs: $327,520. • Actual hours of labor: 35,600 hours. Direct-material quantity variance: $2,400 unfavorable. Book Print ferences Required: 1. Compute the following amounts. a. Direct-labor rate variance for November. b. Direct-labor efficiency variance for November. c. Actual kilograms of material used in the production process during November. d. Actual price paid per kilogram nf direct matorial in

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

Please do not give solution in image format thanku
Subm The standards for product V28 call for 8.0 pounds of a raw material that costs $18.80 per pound. Last month, 1,900 pounds of the raw material were purchased for $35,340. The actual output of the month was 210 units of product V28. A total of 1,800 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. a. Materials price variance b. Materials quantity variance
Dermody Snow Removal's cost formula for its vehicle operating cost is $3,080 per month plus $338 per snow-day. For the month of December, the company planned for activity of 20 snow-days, but the actual level of activity was 22 snow-days. The actual vehicle operating cost for the month was $10,130. The spending variance for vehicle operating cost in December would be closest to: Multiple Cholce $290 U $290 F $386 F $386 U
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Give me solution
Meman
Exercise 17-21 (Algo) Prorating Direct Labor Cost Variances (LO 17-1) Post Parts manufactures components used in audio and video systems. The year just ended was Post's first year of operations and they are preparing financial statements. The immediate issue facing Post is the treatment of the direct labor costs. Post set a standard at the beginning of the year that allowed 0.25 hours of direct labor for each unit of output. The standard rate for direct labor is $70 per hour. During the year, the company produced 278,000 units. A count of the ending finished goods inventory showed 16,680 units remaining in the warehouse. There are never any work-in-process inventories at Post. Post used 67,830 hours of labor. Total direct labor costs for the year amounted to $4,893,350. Required: a. and b. What was the direct labor price variance and the direct labor efficiency variance for the year? c. Assume Post writes off all variances to Cost of Goods Sold. Prepare the entries Cook would make to…
Mode
Cost Assignment and JIT Bunker Company produces two types of glucose monitors (basic and advanced). Both pass through two producing departments: Fabrication and Assembly. Bunker also has an Inspection Department that is responsible for testing monitors to ensure that they perform within prespecified tolerance ranges (a sampling procedure is used). Budgeted data for the three departments are as follows: Inspection Fabrication Assembly Overhead $320,000 $480,000 $136,000 Number of tests — 20,000 60,000 Direct labor hours — 48,000 24,000 In the Fabrication Department, the basic model requires 1.1 hour(s) of direct labor and the advanced model requires 2.2 hour(s). In the Assembly Department, the basic model requires 1.3 hour(s) of direct labor and the advanced model requires 2.45 hours. There are 30,000 basic units produced and 16,000 advanced units. Immediately after preparing the budgeted data, a consultant suggests that two manufacturing cells be created:…
please answer complete and correct with full working like explanation , formula , computation and steps need correct answer with all work thanks
VikramBhai