Standard Cost Journal EntriesBellingham Company produced 4,400 units that require eight standard pounds per unit at a $8standard price per pound. The company actually used 36,300 pounds in production.Journalize the entry to record the standard direct materials used in production. If an amountbox does not require an entry, leave it blank. Standard Product CostAtlas Furniture Company manufactures designer home furniture. Atlas uses a standard costsystem. The direct labor, direct materials, and factory overhead standards for an unfinisheddining room table are as follows:Direct labor:standard rate$17.00 per hr.standard time per unit3.5 hrs.Direct materials (oak):standard price$10.50 per bd. ft.standard quantity20 bd. ft.Variable factory overhead:standard rate$2.80 per direct labor hr.Fixed factory overhead:standard rate$0.80 per direct labor hr.a. Determine the standard cost per dining room table. If required, round your answer to twodecimal places.per tableb. A standard cost system provides Atlas Furniture Company's management a cost control toolusing the principle ofUsing this principle,costdeviations from standards can be investigated and corrected.

Name: Standard Cost Journal EntriesBellingham Company produced 4,400 units
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Standard Cost Journal EntriesBellingham Company produced 4,400 units that require eight standard pounds per unit at a $8standard price per pound. The company actually used 36,300 pounds in production.Journalize the entry to record the standard direc

Hi student Since there are multiple questions,we will answer only first question. If you want…

Business

Accounting

Standard Cost Journal Entries Bellingham Company produced 4,400 units that require eight standard pounds per unit at a $8 standard price per pound. The company actually used 36,300 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.

Standard Cost Journal Entries Bellingham Company produced 4,400 units that require eight standard pounds per unit at a $8 standard price per pound. The company actually used 36,300 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.

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

Please help me with show all calculation thanku
Please only answer the total amount of fixed manufacturing overhead.
Standard Cost Journal Entries Alvarado Company produced 2,800 units that require nine standard pounds per unit at a $10.50 standard price per pound. The company actually used 26,000 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. The company has the following direct materials data for its product: Standard costs for one unit of output 68 units of input at $1.00 12 units of input at $4.60 The following results were reported for January: X-1 Y-7 Units of output produced Materials purchased X-1 Y-7 Proctor has a policy of holding no inventories of any kind. Required: a. Compute materials price and efficiency variances. b. Compute materials mix and yield variances. Required A Required B 18,200 units Complete this question by entering your answers in the tabs below. 1,204,000 units at $1.02 224,000 units at $4.551 Materials price variance Materials efficiency variance Compute materials price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select…
Hart Company made 3,400 shelves using 22,400 pounds of wood costing $315,840. The company's direct materials standards for one shelf are 8 pounds of wood at $14.00 per pound. 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.
Standard Cost Journal Entries Bellingham Company produced 2,000 units that require five standard pounds per unit at a $6.5 standard price per pound. The company actually used 10,200 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
Please show your computations using good accounting form through excel. Thank you! Problem: By products In Department III of SAMCIS Company, a portion of the materials (a by-product) is removed further processed and sold. The Company uses the reversal cost method to account for the by-product. Data for June include: Amount of by-product removed is 2,000 units; Estimated sales price of by-product after processing further is P1.20/unit. Estimated processing cost after separation is P0.30 per unit and estimated selling expenses is 10% of the sales price. The estimated profit margin is 5% of the sales price. What is the gain (loss) on sale of the by-product if all of the units are sold at P1.50?
Standard Cost Journal Entries Alvarado Company produced 5,500 units that require eight standard pounds per unit at a $3.50 standard price per pound. The company actually used 45,800 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. 000
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Multiple Choice O $34,150 During November, TaskMaster purchased 169,500 pounds of direct materials at a total cost of $610,200. The total factory wages for November were $61,000, 90% of which were for direct labor. TaskMaster manufactured 20,000 units of product during November using 150,000 pounds of direct materials and 5,190 direct labor-hours. What is the direct materials efficiency variance for November? $35,900 $37,000 Standard Quantity 8 pounds 0.25 hour $34,300 Standard Price $ 3.70 per pound $11.80 per hour Standard Cost $ 29.60 2.95 $ 32.55
Standard Cost Journal Entries Bellingham Company produced 5,900 units that require 12 standard pounds per unit at a $10 standard price per pound. The company actually used 73,600 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
please answer all parts of the question within 30 minutes. make sure all parts are answered else i will give negative ratings.
Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Sitka Industries cost standards Standard Quantity Standard Price Direct materials 4 pounds $5.41 per pound Direct labor 3.11 hours $11.96 per hour Sitka Industries made 2,695 ladders in July and used 8,913 pounds of material to make these units. Smith Industries bought 15,751 pounds of material in the current period. There was a $279 unfavorable direct materials price variance. What is the direct materials quantity variance? Round to the nearest whole dollar, no decimals. If it is an unfavorable variance, enter a positive number. If is a favorable variance, enter a negative number using a - dash not parentheses.