Prepare summarized journal entries to record both the actual costs and standard costs for direct materials and conversion costs, including the variances for both production costs. Standard-costing with beginning and ending work in process. Lawrence Company is a manufac-turer of contemporary door handles. The vice president of Design attends home shows twice a year so thecompany can keep current with home trends. Because of its volume, Lawrence uses process costing toaccount for production. Costs and output figures for August are as follows:Lawrence Company's Process Costingfor the Month Ended August 31, 2017UnitsDirect Materials Conversion Costs$ 5.75$ 86,250Standard cost per unit12.25$ 55,125Work in process, beginning inventory (Aug. 1)Degree of completion of beginning work in processStarted in AugustCompleted and transferred outWork in process, ending inventory (Aug. 31)Degree of completion of ending work in processTotal costs added during August15,000100%30%100,00095,00020,000100%80%$569,000$1,307,240

Name: Prepare summarized journal entries to record both the actual costs and
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Prepare summarized journal entries to record both the actual costs and standard costs for direct materials and conversion costs, including the variances for both production costs. Standard-costing with beginning and ending work in process. Lawrence C