"Required information[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. Thefollowing standards have been set by the production-engineering staff and the controller.1Direct Labor:Quantity, 8.14 hourRate, $7.00 per houriActual material purchases amounted to 147,600 kilograms at $0.425 per kilogram. Actual costs incurred in the productionof 18,000 units were as follows:Direct labor:Direct material:Required:Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the firstaccount field. Do not round Intermediate calculations.)View transaction list View journal entry worksheetNo1234Transaction1Direct Material:Quantity, 7 kilogramsPrice, $0.38 per kilogram23$22,338 for 3,060 hours$55,845 for 131,400 kilograns4General JournalDirect-material purchase price varianceRaw-material inventoryAccounts payableWork-in-process inventoryDirect-material quantity varianceRaw-material inventoryDirect-labor rate varianceWork-in-process inventoryDirect-labor efficiency varianceWages payableCost of goods soldDirect-material quantity varianceDirect-labor efficiency varianceDirect-labor rate varianceDirect-material purchase price varianceDebit5.913Credit82,730Ⓒ

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Description: "Required information[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. Thefollowing standards have been set by the pro

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Required information [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, 8.14 hour Rate, $7.00 per hour Direct Material: Quantity, 7 kilograms Price, 30.38 per kilogram Actual material purchases amounted to 147,600 kilograms at $0.425 per kilogram. Actual costs incurred in the production of 18.000 units were as follows: Direct labor: Direct material: $22,338 for 3,060 hours $55,845 for 131,400 kilograms Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the first

Required information [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, 8.14 hour Rate, $7.00 per hour Direct Material: Quantity, 7 kilograms Price, 30.38 per kilogram Actual material purchases amounted to 147,600 kilograms at $0.425 per kilogram. Actual costs incurred in the production of 18.000 units were as follows: Direct labor: Direct material: $22,338 for 3,060 hours $55,845 for 131,400 kilograms Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the first

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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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: Direct Material: Quantity, 0.28 hour Quantity, 7 kilograms Rate, $14.00 per hour Price, $0.66 per kilogram Actual material purchases amounted to 340,400 kilograms at $0.690 per kilogram. Actual costs incurred in the production of 46,000 units were as follows: Direct labor: $197,340 for 13,800 hours Direct material: $225,354 for 326,600 kilograms
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