Recording Standards in Accounts The Assembly Department produced 2,000 units of product during March. Each unit...
Recording Standards in Accounts
The Assembly Department produced 2,000 units of product during March. Each unit required 1.75 standard direct labor hours. There were 3,700 actual hours used in the Assembly Department during March at an actual rate of $13.5 per hour. The standard direct labor rate is $14.5 per hour.
Assuming direct labor for a month is paid on the fifth day of the following month, journalize the direct labor in the Assembly Department on March 31. For a compound transaction, if an amount box does not require an entry, leave it blank.
| March 31 | |||
Homework Answers
Journal Entry
Inventory Finished Goods - 50,750
Direct Labour Efficiency Variance - 2900
Direct Labour Rate Variance - 3700
Wages Payable - 49950
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Recording Standards in Accounts
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standards have been set:
Standard Quantity
or Hours
Standard Price
or Rate
Standard
Cost
Direct materials
3
feet
$
5
per foot
$
15
Direct labor
?
hours
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per hour
?
During March, the company purchased direct materials at a cost
of $44,160, all of which were used in the production of 2,350 units
of product. In addition, 4,800 direct labor-hours were worked on
the product during the month. The...
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