Solution :
Journal Entries - Saskatewan Company | |||
Event | Particulars | Debit | Credit |
1 | Raw material inventory Dr | $192,000.00 | |
Direct material Price variance Dr | $2,400.00 | ||
To Accounts payable | $194,400.00 | ||
(To record purchase of materials) | |||
2 | Work In Process Dr | $160,000.00 | |
Direct material quantity variance Dr | $8,000.00 | ||
To Raw material inventory | $168,000.00 | ||
(To record use of materials) | |||
3 | Work In Process Dr | $200,000.00 | |
Direct labor efficiency variance Dr [(12500-13000)*$16) | $8,000.00 | ||
Direct labor rate variance Dr | $3,900.00 | ||
To Wages Payable | $211,900.00 | ||
(To record labor variances) | |||
4 | Cost of goods sold Dr | $22,300.00 | |
To Direct material Price variance | $2,400.00 | ||
To Direct material quantity variance | $8,000.00 | ||
To Direct labor rate variance | $3,900.00 | ||
To Direct labor efficiency variance | $8,000.00 |
Required information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6,...
Required information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6, 10-9) [The following information applies to the questions displayed below.) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.25 hour Rate, $16 per hour Direct Material: Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to...
Required information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6, 10-9) [The following information applies to the questions displayed below.) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.25 hour Rate, $16 per hour Direct Material: Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to...
Required information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6, 10-9) [The following information applies to the questions displayed below.) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.25 hour Rate, $16 per hour Direct Material: Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to...
Exercise 10-23 Determination of Variances Using Diagrams (LO 10-3) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.25 hour Rate, $16 per hour Direct Material: Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $0.81 per kilogram. Actual costs incurred in the production of 50,000 units were as...
TIhe following information applies to the questions displayed below.j Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor Quantity, 0.25 hour Rate, $16 per hour Direct Material: Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as...
Exercise 10-23 Determination of Variances Using Diagrams (LO 10-3) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.25 hour Rate, $16 per hour Direct Material: Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $0.81 per kilogram. Actual costs incurred in the production of 50,000 units were as...
Exercise 10-23 Determination of Variances Using Diagrams (LO 10-3) Exercise 10-23 Determination of Variances Using Diagrams (LO 10-3) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 8.16 hour Rate, $8.00 per hour Direct Material: Quantity, 9 kilograms Price, $0.42 per kilogram Actual material purchases amounted to 233,200 kilograms at $0.47 per kilogram. Actual costs...
Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.25 hour Quantity, 4 kilograms Rate, $12.50 per hour Price, $0.60 per kilogram Actual material purchases amounted to 200,000 kilograms at $0.64 per kilogram. Actual costs incurred in the production of 40,000 units were as follows: Direct labor: $137,700 for 10,800 hours...
Exercise 10-23 Determination of Variances Using Diagrams (LO 10-3) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller Direct Labort Quantity: 0.10 hour Rate, $5.00 per hour Direct Materiali Quantity3 kilogram Price, 0.30 per kilogram Actual material purchases amounted to 34,000 kilograms at $0.32 per kilogram. Actual costs incurred in the production of 10,000 units were as follows:...
Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.24 hour Quantity, 3 kilograms Rate, $12.00 per hour Price, $0.58 per kilogram Actual material purchases amounted to 159,600 kilograms at $0.630 per kilogram. Actual costs incurred in the production of 38,000 units were as follows: Direct labor: $116,850 for 9,500 hours...