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:

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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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
Direct material:
$10,075 for 31,000 kilograms
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.
my professor said that it's not
10,200 like i initially thought
Raw-Material Inventory
Direct-Material Purchase Price Variance
1.
10,200
??????? 2.
1.
850
850 4.
Work-in-Process Inventory
Direct-Material Quantity Variance
2.
9,000
300
300 4.
3.
5,000
Accounts Payable
Direct-Labor Rate Variance
11,050 1.
3.
120
120 4
Wages Payable
Direct-Labor Efficiency Variance
6,120 3.
3.
1,000
1,000 4.
Cost of Goods Sold
4.
2,270
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 Direct material: $10,075 for 31,000 kilograms 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. my professor said that it's not 10,200 like i initially thought Raw-Material Inventory Direct-Material Purchase Price Variance 1. 10,200 ??????? 2. 1. 850 850 4. Work-in-Process Inventory Direct-Material Quantity Variance 2. 9,000 300 300 4. 3. 5,000 Accounts Payable Direct-Labor Rate Variance 11,050 1. 3. 120 120 4 Wages Payable Direct-Labor Efficiency Variance 6,120 3. 3. 1,000 1,000 4. Cost of Goods Sold 4. 2,270
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