Working Papers, Chapters 1-17 for Warren/Reeve/Duchac’s Accounting, 27th and Financial Accounting, 15th
27th Edition
ISBN: 9781337272155
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 23, Problem 23.21EX
Recording standards in accounts
Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the
a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit.
b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner.
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Robin Company records standard costs and variances in its accounts. Robin Company purchased and used 500 pounds of direct materials to produce a
product with
520 pound standard direct materials requirement. The standard materials price is $1.90 per pound. The actual materials price was $2.00 per
pound.
a. Journalize the entry to record the purchase of the materials. If an amount box does not require an entry, leave it blank.
b. Journalize the entry to record the materials used in production. If an amount box does not require an entry, leave it blank.
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Chapter 23 Solutions
Working Papers, Chapters 1-17 for Warren/Reeve/Duchac’s Accounting, 27th and Financial Accounting, 15th
Ch. 23 - What are the basic objectives in the use of...Ch. 23 - What is meant by reporting by the principle of...Ch. 23 - What are the two variances between the actual cost...Ch. 23 - The materials cost variance report for Nickols...Ch. 23 - a. What are the two variances between the actual...Ch. 23 - Prob. 6DQCh. 23 - Would the use of standards be appropriate in a...Ch. 23 - a. Describe the two variances between the actual...Ch. 23 - If variances are recorded in the accounts at the...Ch. 23 - Briefly explain why firms might use nonfinancial...
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What is variance analysis?; Author: Corporate finance institute;https://www.youtube.com/watch?v=SMTa1lZu7Qw;License: Standard YouTube License, CC-BY