Question

Required information
[The following information applies to the questions displayed below.]

Hart Company made 3,060 bookshelves using 22,060 board feet of wood costing $273,544. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12.30 per board foot.
Hart Company uses a standard costing system.

(1) Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances.
(2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end.

View transaction list Journal entry worksheet Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal < Required 1

Answer 1

Thank you

Transaction hereral Journal Debit Credit Ans. Goods in Process intentory Direct materials Price hariance $ 2206 Disect materials onty konance Raw materials inventory To record price & aty variance) s 29766 273544 Direct materials aty variance $29766 $2206 Direct material Price variance $ 27560 Cast of goods sold To record closing of Price e aty voortances to the cost of goods sold టdings Actual Cost Flexible Budget Oity & unit Cost Only X unit cost Standard Cost aty unit cost 24480 X 12.30 (306088) 22060 x 22060* 12.30 12040 (273544) 22060 = 273544 (A 271338 (B) - 301104 Co 2206 29766 2206 (AB) material price variance = material aty voriana - (B-C) 2206 unfarour 29766 Falaurable Total material variance = 27560 Falour

Please rate if it is helpful to you