Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 22, Problem 22.5BPE
To determine
In the accounting records, the term standard cost refers to the practice of replacement of an expected cost for an actual cost. Then the difference between the expected costs, and actual costs showing the variance are also recorded periodically. A standard costs is also known as target cost or predetermined cost.
To journalize: The entry to record the standard direct materials used in production.
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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.
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Dvorak Company produced 4,900 units that require 14 standard pounds per unit at $11 standard price per pound. The company actually used 67,200 pounds in production.
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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.
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Chapter 22 Solutions
Financial & Managerial Accounting
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