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Use the data in Exhibit 14.5; On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (ıf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction let Journal entry worksheet 2 > Record the purchase of PVC. Note Enter debits before credits Date General Journal Debit Credit Oct 07 Record entry Clear entry Vew general jourmal Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lat Journal entry worksheet Record the usage of PVC. Note Enter debits before credits Date General Journal Debit Credit Oct 0 Record entry Clear entry View general journal

Use the data in Exhibit 14.5; On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (ıf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction let Journal entry worksheet 2 > Record the purchase of PVC. Note Enter debits before credits Date General Journal Debit Credit Oct 07 Record entry Clear entry Vew general jourmal Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lat Journal entry worksheet Record the usage of PVC. Note Enter debits before credits Date General Journal Debit Credit Oct 0 Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Use the data in Exhibit 14,5; On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) View transaction list Journal entry worksheet <> Record the purchase of PVC. Note: Enter debits before credits Date General Journal Debit Credit Oct 07 Record entry Clear entry View general journal Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidtr's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lat Journal entry worksheet Record the usage of PVC. Note: Enter debits before credits. Date General Journal Debit Credit Oct 09 Record entry Clear entry View general journal
Transcribed Image Text:Use the data in Exhibit 14,5; On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) View transaction list Journal entry worksheet <> Record the purchase of PVC. Note: Enter debits before credits Date General Journal Debit Credit Oct 07 Record entry Clear entry View general journal Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidtr's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lat Journal entry worksheet Record the usage of PVC. Note: Enter debits before credits. Date General Journal Debit Credit Oct 09 Record entry Clear entry View general journal
Standard Cost Sheet, Product XV-1 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Subtotal Total Direct materials: Aluminum 4 pounds $25 per pound 40 per pound 40 per hour 12 per hour $ 100 PVC 1 pound 5 hours 40 Direct labor 200 Variable factory overhead 5 hours 60 Total variable manufacturing cost $ 400 Fixed factory overhead" 5 hours 24 per hour 120 120 Standard manufacturing cost per unit $ 520 $ 50 Standard variable selling and administrative cost per unit *Budgeted fixed factory overhead cost = $120,000.
Transcribed Image Text:Standard Cost Sheet, Product XV-1 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Subtotal Total Direct materials: Aluminum 4 pounds $25 per pound 40 per pound 40 per hour 12 per hour $ 100 PVC 1 pound 5 hours 40 Direct labor 200 Variable factory overhead 5 hours 60 Total variable manufacturing cost $ 400 Fixed factory overhead" 5 hours 24 per hour 120 120 Standard manufacturing cost per unit $ 520 $ 50 Standard variable selling and administrative cost per unit *Budgeted fixed factory overhead cost = $120,000.
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