Hart Company made 3,340 bookshelves using 22,340 board feet of wood costing $308,292. The company's direct materials standards for one bookshelf are 8 board feet of wood at $13.70 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.
Journal entry worksheet
Note: Enter debits before credits.
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Note: Enter debits before credits.
Record closing of price and quantity variances to cost of goods sold.
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Hart Company made 3,340 bookshelves using 22,340 board feet of wood costing $308,292. The company's direct...
Hart Company made 3,000 bookshelves using 22,000 board feet of wood costing $266,200. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12 per board foot. Exercise 08-14A Recording and closing materials variances LO P6 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...
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