Required Information [The following Information applies to the questions displayed below.] Hart Company made 3,140 shelves using 22,140 pounds of wood costing $283,392. The company's direct materials standards for one shelf are 8 pounds of wood at $12.70 per pound. Hart Company uses a standard costing system. Prepare the Journal entry to charge direct materials costs to Work In Process Inventory nd record the direct materials variances. View transaction list Journal entry worksheet

Required Information [The following Information applies to the questions displayed below.] Hart Company made 3,140 shelves using 22,140 pounds of wood costing $283,392. The company's direct materials standards for one shelf are 8 pounds of wood at $12.70 per pound. Hart Company uses a standard costing system. Prepare the Journal entry to charge direct materials costs to Work In Process Inventory nd record the direct materials variances. View transaction list Journal entry worksheet

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Description: Required Information[The following Information applies to the questions displayed below.]Hart Company made 3,140 shelves using 22,140 pounds of wood costing $283,392. The company's direct materialsstandards for one shelf are 8 pounds of wood at $12.

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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YouTube O Maps Estimated Income Statements, using Absorption and Variable Costing Prior to the first month of operations ending October 31, Marshall Inc. estimated the following operating results: Sales (27,200 x $96) $2,611,200 Manufacturing costs (27,200 units): Direct materials 1,572,160 Direct labor 372,640 Variable factory overhead 174,080 Fixed factory overhead 206,720 Fixed selling and administrative expenses 56,200 Variable selling and administrative expenses 68,000 The company is evaluating a proposal to manufacture 30,400 units instead of 27,200 units, thus creating an ending inventory of 3,200 units. Manufacturing the additional units will not change sales, unit variable factory overhead costs, total fixed factory overhead cost, or total selling and administrative expenses. a. 1. Prepare an estimated income statement, comparing operating results if 27,200 and 30,400 units are manufactured in the absorption costing format. If an amount box does not require an entry leave it…
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Using Excel to prepare a production cost report. Download an Excel temp/are for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Salish Craft Beers provides the following information for the Malting Department for the month of August 2018: Requirements Complete a production cost report for the Malting Department for the month of August 2018 to determine the cost of the units completed and transferred out, and the cost of the ending Work-in-Process Inventory. Assume Salish Craft Beers uses the weighted-average method.
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