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: Direct Material: Quantity, 0.10 hour Rate, $5.00 per hour Quantity, 3 kilograms Price, $0.30 per kilogram Actual material purchases amounted to 34,000 kilograms at $0.325 per kilogram. Actual costs incurred in the production of 10,000 units were as follows: Direct labor: $6,120 for 1,200 hours $10,075 for 31,000 kilograms Direct material: Required: Post the journal entries prepared above to the appropriate T-accounts below. Be sure to select from the dropdown menu the transaction number associated with each amount posted.
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: Direct Material: Quantity, 0.10 hour Rate, $5.00 per hour Quantity, 3 kilograms Price, $0.30 per kilogram Actual material purchases amounted to 34,000 kilograms at $0.325 per kilogram. Actual costs incurred in the production of 10,000 units were as follows: Direct labor: $6,120 for 1,200 hours $10,075 for 31,000 kilograms Direct material: Required: Post the journal entries prepared above to the appropriate T-accounts below. Be sure to select from the dropdown menu the transaction number associated with each amount posted.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
why is 10,200 wrong for raw material inventory
![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:
Direct Material:
Quantity, 0.10 hour
Rate, $5.00 per hour
Quantity, 3 kilograms
Price, $0.30 per kilogram
Actual material purchases amounted to 34,000 kilograms at $0.325 per kilogram. Actual costs incurred in the production
of 10,000 units were as follows:
Direct labor:
$6,120 for 1,200 hours
$10,075 for 31,000 kilograms
Direct material:
Required:
Post the journal entries prepared above to the appropriate T-accounts below. Be sure to select from the dropdown menu the
transaction number associated with each amount posted.
Answer is complete but not entirely correct.
Raw-Material Inventory
Direct-Material Purchase Price Variance
1.
10,200
10,200 X 2.
1.
850
850 O 4.
Work-in-Process Inventory
Direct-Material Quantity Variance
2.
9,000 O
2.
300 O
300 O 4.
3.
5,000 O
Accounts Payable
Direct-Labor Rate Variance
11,050 O 1.
3.
120 V
120 O 4.
Wages Payable
Direct-Labor Efficiency Variance
6,120 O 3.
3.
1,000 O
1,000 O 14.
Cost of Goods Sold
4.
2,270 O](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb30e235b-4b29-4845-ae8a-295c0bf4b9a2%2F408c58a0-8e9a-4d6a-a8da-42a1ef6088d0%2Fyk8tcx_processed.png&w=3840&q=75)
Transcribed Image Text: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:
Direct Material:
Quantity, 0.10 hour
Rate, $5.00 per hour
Quantity, 3 kilograms
Price, $0.30 per kilogram
Actual material purchases amounted to 34,000 kilograms at $0.325 per kilogram. Actual costs incurred in the production
of 10,000 units were as follows:
Direct labor:
$6,120 for 1,200 hours
$10,075 for 31,000 kilograms
Direct material:
Required:
Post the journal entries prepared above to the appropriate T-accounts below. Be sure to select from the dropdown menu the
transaction number associated with each amount posted.
Answer is complete but not entirely correct.
Raw-Material Inventory
Direct-Material Purchase Price Variance
1.
10,200
10,200 X 2.
1.
850
850 O 4.
Work-in-Process Inventory
Direct-Material Quantity Variance
2.
9,000 O
2.
300 O
300 O 4.
3.
5,000 O
Accounts Payable
Direct-Labor Rate Variance
11,050 O 1.
3.
120 V
120 O 4.
Wages Payable
Direct-Labor Efficiency Variance
6,120 O 3.
3.
1,000 O
1,000 O 14.
Cost of Goods Sold
4.
2,270 O
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education