Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable). Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit - X Data Table AC x AQ SC x AQ SC x SQ $13.00 per DLHr $16.00 per DLHr $16.00 per DLHr 1.650 DLHr 1,650 DLHr 1,200 DLHr - X $21,450 $26,400 $19,200 Requirements 1. Record Brookman's direct labor journal entry (use Wages Payable). 2. Explain what management will do with this variance information. Cost Efficiency Variance Variance $4.950 F $7,200 U Print Done

Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable). Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit - X Data Table AC x AQ SC x AQ SC x SQ $13.00 per DLHr $16.00 per DLHr $16.00 per DLHr 1.650 DLHr 1,650 DLHr 1,200 DLHr - X $21,450 $26,400 $19,200 Requirements 1. Record Brookman's direct labor journal entry (use Wages Payable). 2. Explain what management will do with this variance information. Cost Efficiency Variance Variance $4.950 F $7,200 U Print Done

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Description: Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable).Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then cred

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter9: Cost Accounting For Service Businesses, The Balanced Scorecard, And Quality Costs

Section: Chapter Questions

Problem 2E: Compute the profit or loss on the job in (a) dollars and (b) as a percentage of the bid...

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable).
Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.)
Date
Accounts and Explanation
Debit
Credit
- X
Data Table
AC x AQ
SC x AQ
SC x SQ
$13.00 per DLHr
$16.00 per DLHR
$16.00 per DLHr
1,650 DLHF
1,650 DLHR
1.200 DLHr
$21,450
$26.400
$19,200
Requirements
1. Record Brookman's direct labor journal entry (use Wages Payable).
2. Explain what management will do with this variance information.
Cost
Efficiency
Variance
Variance
$4.950 F
S7,200 U
Print
Done
Print
Done

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