Required information[The following information applies to the questions displayed below.]Hart Company made 3,380 shelves using 22,380 pounds of wood costing $313,320. The company's direct materialsstandards for one shelf are 8 pounds of wood at $13.90 per pound.Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work in Process Invent:and record the direct materials variances.View transaction listJournal entry worksheet<ARecord direct materials price and quantity variances.Note: Enter debits before credits.Transaction1General JournalDebitCredit>S< Prev4G4of 4Next >

How to make a journal entry to charge direct materials expenses to Work in Process Inventory and…

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Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 16M

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Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: Make journal entries to charge materials (use the materials purchase price variance) and labor to Work in Process. (Remember to retrieve the standard costs from E8-10 before solving this exercise.)
Cost and production data for Binghamton Beverages Inc. are presented as follows: Required: Calculate net variances for materials, labor, and factory overhead. Calculate specific materials and labor variances by department, using the diagram format in Figure 8-4. Comment on the possible causes for each of the variances that you computed. Make all journal entries to record production costs in Work in Process and Finished Goods. Determine the balance of ending Work in Process in each department. Assume that 4,000 units were sold at $40 each. Calculate the gross margin based on standard cost. Calculate the gross margin based on actual cost. Why does the gross margin at actual cost differ from the gross margin at standard cost. As the plant controller, you present the variance report in Item 1 above to Paul Crooke, the plant manager. After reading it, Paul states: “If we present this performance report to corporate with that large unfavorable labor variance in Blending, nobody in the plant will receive a bonus. Those standard hours of 5,500 are way too tight for this production process. Fifty-eight hundred hours would be more reasonable, and that would result in a favorable labor efficiency variance that would more than offset the unfavorable labor rate variance. Please redo the variance calculations using 5,800 hours as the standard.” You object, but Paul ends the conversation with, “That is an order.” What standards of ethical professional practice would be violated if you adhered to Paul’s order? How would you attempt to resolve this ethical conflict?
Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The following standards for producing one case of bottles have been established: During December, 78,000 pounds of materials were purchased and used in production. There were 15,000 cases produced, with the following actual prime costs: Required: 1. Compute the materials variances. 2. Compute the labor variances. 3. CONCEPTUAL CONNECTION What are the advantages and disadvantages that can result from the use of a standard costing system?
Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.
Hart Company made 3,400 shelves using 22,400 pounds of wood costing $315,840. The company's direct materials standards for one shelf are 8 pounds of wood at $14.00 per pound. Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the direct materials variances.
Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 12,000 shelves $144,000 $14,800 $130,000 24,000 shelves 288,000 28,600 130,000 48,000 shelves 576,000 56,200 130,000 60,000 shelves 720,000 70,000 130,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Variable Cost Utilities Mixed Cost Depreciation Fixed Cost 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round…
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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.
Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 4,650 100 % 40% Units started this period 33,480 Units completed and transferred out 34,410 Ending work in process inventory 3, 720 100 % 80% Beginning work in process inventory Direct materials $ 30,690 Conversion 344,007 S 374, 697 Costs added this period Direct materials 770,040 Conversion 3,357, 207 4,127,247 Total costs to account for $ 4,501, 944 Problem 16-3A (Algo) Weighted average: Production cost report LO P2, P4 Required: Prepare the Forming department's production cost report for May using the weighted average method. Prepare the May 31 journal entry to transfer the cost of units from…
Rouse manufactures coffee mugs that it sells to other companies for customizing with their own logos. Rouse prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budge volume of 59,700 coffee mugs per month: 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process InventoryJournalize the adjusting of the Manufacturing Overhead account . 5. Rouse intentionally hired more highly skilled workers during JulyHow did this decision affect the cost variances ? Overall , was the decision wise?

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