Required informationJournal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO10-6, 10-9)[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. Thefollowing standards have been set by the production-engineering staff and the controller.Direct Labor:Direct Material:Quantity, 0.25 hourRate, $16 per hourQuantity, 4 kilogramsPrice, $0.80 per kilogramActual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of50,000 units were as follows:Direct labor:$211,900 for 13,000 hours$170,100 for 210,000 kilogramsDirect material:Exercise 10-31Required:Prepare the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the firstaccount field. Do not round intermediate calculations.)View transaction listJournal entry worksheet(1234>Record the addition of direct-material cost to work-in-process inventoryand the direct-material quantity variance.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit2Work-in-process inventory160,0008,000Direct-material quantity variance168,000Record entryClear entryView general journal

Name: Required informationJournal Entries under Standard Costing (Appendix)
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Description: Required informationJournal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO10-6, 10-9)[The following information applies to the questions displayed below.]Saskatewan Can Company manufactures recyclable

Direct Material Quantity Variance: The direct material quantity variance (also known as the direct…

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[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: Quantity, 0.25 hour Rate, $16 per hour Direct Material: Quantity, 4 kilograms Price, 50.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as follows: Direct labor: Direct material: $211,900 for 13,000 hours $170,100 for 210,000 kilograms Exercise 10-31 Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)

[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: Quantity, 0.25 hour Rate, $16 per hour Direct Material: Quantity, 4 kilograms Price, 50.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as follows: Direct labor: Direct material: $211,900 for 13,000 hours $170,100 for 210,000 kilograms Exercise 10-31 Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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, 0.28 hour Quantity, 7 kilograms Rate, $14.00 per hour Price, $0.66 per kilogram Actual material purchases amounted to 340,400 kilograms at $0.690 per kilogram. Actual costs incurred in the production of 46,000 units were as follows: Direct labor: $197,340 for 13,800 hours Direct material: $225,354 for 326,600 kilograms
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