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.Direct Labor:Direct Material:Quantity, 0.10 hourRate, $5.00 per hourQuantity, 3 kilogramsPrice, $0.30 per kilogramActual material purchases amounted to 34,000 kilograms at $0.325 per kilogram. Actual costs incurred in the productionof 10,000 units were as follows:Direct labor:$6,120 for 1,200 hoursDirect material:$10,075 for 31,000 kilogramsRequired:Post the journal entries prepared above to the appropriate T-accounts below. Be sure to select from the dropdown menu thetransaction number associated with each amount posted.my professor said that it's not10,200 like i initially thoughtRaw-Material InventoryDirect-Material Purchase Price Variance1.10,200??????? 2.1.850850 4.Work-in-Process InventoryDirect-Material Quantity Variance2.9,000300300 4.3.5,000Accounts PayableDirect-Labor Rate Variance11,050 1.3.120120 4Wages PayableDirect-Labor Efficiency Variance6,120 3.3.1,0001,000 4.Cost of Goods Sold4.2,270

The difference between the actual cost incurred and the standard cost is referred to as variance.…

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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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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 Quantity, 3 kilograms Price, $0.30 per kilogram Rate, $5.00 per hour 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 Direct material: $10,075 for 31,000 kilograms
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