Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hart Company made 3,100 shelves using 22,100 pounds of wood costing $278.460. The company's direct materials standards for one shelf are 8 pounds of wood at $12.50 per pound. Exercise 21-14A (Algo) Recording and closing materials variances LO P6 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.

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hart Company made 3,100 shelves using 22,100 pounds of wood costing $278.460. The company's direct materials standards for one shelf are 8 pounds of wood at $12.50 per pound. Exercise 21-14A (Algo) Recording and closing materials variances LO P6 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.

Name: Required informationUse the following information for the Exercises b
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below]Hart Company made 3,100 shelves using 22,100 pounds of wood costing $278.460. The company's direct m

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Activity Rates Patten Company uses activity-based costing (ABC). Patten manufactures toy cars using two activities: plastic injection molding and decal application. Patten’s 20X1 total budgeted overhead costs for these two activities are $466,000 (90% for injection molding and 10% for decal application). Molding overhead costs are driven by the number of pounds of plastic that are molded together. Decal application overhead costs are driven by the number of decals applied to toys. The budgeted activity data for 20X1 are as follows: Pounds of plastic molded 1,900,000 Number of decals applied 183,000 Required: 1. Calculate the activity rate for the plastic injection molding activity. Round your answer to the nearest cent.$fill in the blank 1 per pound molded 2. Calculate the activity rate for the decal application activity. Round your answer to the nearest cent.$fill in the blank 2 per decal applied
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 12 sq ft. $ 1.45 per sq. ft. $ 17.40 Direct labor 0.3 hr. $ 11.90 per hr. 3.57 Variable manufacturing overhead (based on direct labor hours) 0.3 hr. $ 2.30 per hr. 0.69 Fixed manufacturing overhead ($461,000 ÷ 922,000 units) 0.50 Parker Plastic had the following actual results for the past year: Number of units produced and sold 1,160,000 Number of square feet of plastic used 12,000,000 Cost of plastic purchased and used $ 16,800,000 Number of labor hours worked 320,000 Direct labor cost $ 3,744,000 Variable overhead cost $ 1,100,000 Fixed overhead cost $ 377,000 Required:Calculate Parker Plastic’s direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the…
Please do not give solution in image format thanku
please answer complete and correct with full working like explanation , formula , computation and steps need correct answer with all work thanks
Yy
Traditional Product Costing versus Activity-Based CostingRidgeland Inc. makes backpacks for large sporting goods chains that are sold under the customers' store brand names. The Accounting Department has identified the following overhead costs and cost drivers for next year: Overhead Item Expected Costs Cost Driver Maximum Quantity Setup costs $1,468,800 Number of setups 7,200 Ordering costs 390,000 Number of orders 65,000 Maintenance 2,760,000 Number of machine hours 80,000 Power 264,000 Number of kilowatt hours 440,000 Total predicted direct labor hours for next year is 52,000. The following data are for two recently completed jobs: Job 201 Job 202 Cost of direct materials $14,000 $15,500 Cost of direct labor $22,100 $65,800 Number of units completed 1,300 1,150 Number of direct labor hours 220 270 Number of setups 15 19 Number of orders 21 42 Number of machine hours 450 360 Number of kilowatt hours 200 300 a. Determine…
Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step.
Manji
I need help with cost accounting. Thanks.
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 12 sq ft. $ 1.00 per sq. ft. $ 12.00 Direct labor 0.25 hr. $ 12.80 per hr. 3.20 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 2.00 per hr. 0.50 Fixed manufacturing overhead ($559,200 ÷ 932,000 units) 0.60 Parker Plastic had the following actual results for the past year: Number of units produced and sold 1,260,000 Number of square feet of plastic used 12,500,000 Cost of plastic purchased and used $ 11,250,000 Number of labor hours worked 330,000 Direct labor cost $ 4,026,000 Variable overhead cost $ 1,480,000 Fixed overhead cost $ 387,000 Required:Calculate Parker Plastic’s variable overhead rate and efficiency variances and its over- or underapplied variable overhead.…
Hardev
Please do not give solution in image format