Required information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6, 10-9) [The following information applies to the questions displayed below.] Saskatewan Can Company 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: Quantity, 0.25 hour Rate, s16 per hour Direct Material: Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as follows: Direct labor: $211,900 for 13,000 hours $170,100 for 210, 000 kilograms Direct material: -rcise 10-31 uired: are the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first ount field. Do not round intermediate calculations.) ew transaction list Journal entry worksheet 2 1 3 4 Record the purchase of direct material on account and the direct-material purchase price variance.

Required information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6, 10-9) [The following information applies to the questions displayed below.] Saskatewan Can Company 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: Quantity, 0.25 hour Rate, s16 per hour Direct Material: Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as follows: Direct labor: $211,900 for 13,000 hours $170,100 for 210, 000 kilograms Direct material: -rcise 10-31 uired: are the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first ount field. Do not round intermediate calculations.) ew transaction list Journal entry worksheet 2 1 3 4 Record the purchase of direct material on account and the direct-material purchase price variance.

Name: Required informationJournal Entries under Standard Costing (Appendix)
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Description: Required informationJournal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO10-6, 10-9)[The following information applies to the questions displayed below.]Saskatewan Can Company manufactures recyclable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: acounting
Encinas Company produced 2,800 units that require 11 standard pounds per unit at $7.5 standard price per pound. The company actually used 29,900 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. Work in Process Work in Process Direct Materials Quantity Variance Direct Materials Quantity Variance
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows:
A company's standards for its product are 8 pounds of direct materials at $13.20 per pound. For this period, the company produced 3,240 units, using 26,520 pounds of direct materials costing $358,020. The company uses a standard costing system. Prepare the entry to record direct materials variances and charge direct material costs to Work in Process Inventory. View transaction list Journal entry worksheet < Record direct materials and charge direct material costs to Work in Process Inventory. Note: Enter debits before credits. Transaction 1 General Journal Work in process inventory Direct materials price variance Direct materials quantity variance Record entry Clear entry Debit 358,020 Credit View general journal
Required information Use the following information for the Exercises below. (Algo) [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 Exercise 21-9 (Algo) Direct materials variances LO P3 Standard Quantity and Cost 6 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $11 per DLH AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Actual Results 45,500 pounds @ $9.20 per pound 22,300 hours @ $17.50 per hour $ 254,300 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) 7,500 units Standard Cost
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufact of 7,200 units of product were as follows: Direct materials Standard Costs 9,400 lb. at $5.80 1,800 hrs. at $16.50 Direct labor Factory overhead Rates per direct labor hr., based on 100% of normal Actual Costs 9,300 lb. at $5.60 1,840 hrs. at $16.90 capacity of 1,880 direct labor hrs.: Variable cost, $3.50 $6,240 variable cost Fixed cost, $5.50 $10,340 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials price variance Direct materials quantity variance X Favorable X…
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 78,000 units of product were as follows: Standard Costs Actual Costs Direct materials 226,200 lbs. at $5.10 223,900 lbs. at $5.00 Direct labor 19,500 hrs. at $16.40 19,950 hrs. at $16.60 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $3.70 $71,430 variable cost Fixed cost, $5.80 $118,030 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total…