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

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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

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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

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Chapter1: Financial Statements And Business Decisions

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