Homework Answers
Journal Entries
| No | Account Title and Explanation | Debit | Credit |
| 1 | Material Control | $300,000 | |
| Direct Manufacturing Material Price Variance | $10,000 | ||
| Accounts Payable Control | $310,000 | ||
| 2 | Workin Process Control | $265,000 | |
| Direct Material Efficiency Variance | $15,000 | ||
| Materials Control | $250,000 | ||
| 3 | Work in Process Control | $180,000 | |
| Direct Manufacturing Labor Price Variance | $6,000 | ||
| Direct Manufacturing Labor Efficency Variance | $4,000 | ||
| Wages Payable Control | $170,000 |
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Question 3 Wasabi Pte Ltd makes separate journal entries for all cost accounting-related activities. It uses...
Question 3 Wasabi Pte Ltd makes separate journal entries for all cost accounting-related activities. It uses a standard costing system for all manufacturing items. For the month of April 2016, the following activities have taken place: Actual Direct Manufacturing Materials Purchased $300,000 Direct Manufacturing Materials Used At Standard Price 250,000 Direct Materials Price Variance 10,000 Unfavourable Direct Materials Efficiency Variance 15,000 Favourable Direct Manufacturing Labour Rate Variance 6,000 Favourable Direct Manufacturing Labour Efficiency Variance 4,000 Unfavourable Direct Manufacturing Labour Payable...
American Hardwood Products uses standard costs in a process cost system. At the end of the curren...
American Hardwood Products uses standard costs in a process cost system. At the end of the current month, the following information is prepared by the company’s cost accountant. Direct Materials Direct Labor Manufacturing Overhead Actual costs incurred $ 90,388 $ 76,196 $ 115,908 Standard costs 84,388 77,696 108,168 Materials price variance (favorable) 2,400 Materials quantity variance (unfavorable) 8,400 Labor rate variance (favorable) 3,000 Labor efficiency variance (unfavorable) 1,500 Overhead spending variance (unfavorable) 3,240 Overhead volume variance (unfavorable) 4,500 The total...
need help with the journal Materials Direct Materials Price Variance Direct materials (5 lbs. @ $2.60)...
need help with the journal
Materials Direct Materials Price Variance Direct materials (5 lbs. @ $2.60) Accounts Payable $13.00 Work in Process Direct labor (0.75 hr. @ $18.00) 13.50 Direct Materials Usage Variance Materials Fixed overhead (0.75 hr. @ $4.00) 3.00 Variable overhead (0.75 hr. @ $3.00) 2.25 Work in Process Direct Labor Efficiency Variance Direct Labor Rate Variance Wages Payable Standard cost per unit $31.75 Work in Process Variable Overhead Control Fixed Overhead Control Algers computes its overhead rates...
PLEASE ANSWER QUESTIONS CORRECTLY !!!! 1. 2. 3. 4. PLEASE ANSWER QUESTIONS CORRECTLY !!!! Use the...
PLEASE ANSWER QUESTIONS CORRECTLY !!!!
1.
2.
3.
4.
PLEASE ANSWER QUESTIONS CORRECTLY !!!!
Use the following data to find the total direct labor cost variance if the company produced 3,500 units during the period. Direct labor standard (4.00 hrs. @ $6.20/hr.) Actual hours worked Actual rate per hour $ 24.80 per unit 12,050 $ 6.30 Multiple Choice . $12,050 favorable 0 $10.885 unfavorable. 0 $10,885 favorable. 0 $1,400 favorable. O $1,400 unfavorable. Fletcher Company collected the following data regarding...
I'm only missing these two questions , thank you for your help! Complete this question by...
I'm only missing these two questions , thank you for your
help!
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 GLAR Required 6 Required 7 Required 8 What was the labor rate variance for March? The labor efficiency variance? (Do not rond your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)....
can you please help me with 1c. variable overhead efficiency variance. thanks Miller Toy Company manufactures...
can you please help me with 1c. variable overhead
efficiency variance. thanks
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual $ 273, 000 $ 273, eee Sales (6,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income...
Please help me with number 14 only. thank you so much! Part C: Note: This section...
Please help me with number 14 only. thank you so much!
Part C: Note: This section is a continuation from Parts A and B of the comprehensive problem. Be sure you have completed Parts A and B before attempting Part C. You may have to refer back to data presented in Parts A and B as well as use answers from those parts when completing this section. Genuine Spice Inc. began operations on January 1 of the current year. The...
3. Materials and Labor Variance Analysis (40 points) Madzinga's Draperies manufactures curtains. A certain window requires...
3. Materials and Labor Variance Analysis (40 points) Madzinga's Draperies manufactures curtains. A certain window requires the following: Direct materials standard Direct manufacturing labor standard 5 square yards at $7 per yard 2 hours at $18 During the second quarter, the company purchased 67,000 yards of fabric for $7.50 a yard, made 12,000 curtains and used 56,000 square yards of fabric costing $364,000. Direct labor totaled 23,000 hours for $460,000. a. Compute the direct materials price and efficiency variances for...
Problem 14-48 Standard Costs in Process Costing; All Variances and Journal Entries [LO 14-3, 14-5] Dash...
Problem 14-48 Standard Costs in Process Costing; All Variances and Journal Entries [LO 14-3, 14-5] Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (i.e., direct materials and direct labor) of its single product are: Material (7 kilograms × $6.00 per kilogram) $ 42.00 Labor (5 hours × $18.80 per hour) 94.00 All materials are added at the beginning of processing. The following data were taken from the company’s records for November:...
Dash Company adopted a standard costing system several years ago. The standard costs for the prime...
Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (.e., direct materials and direct labor) of its single product are: Material Labor (5 kilograms x $6.00 per kilogram) (6 hours x $16.00 per hour) $30.00 96.00 All materials are added at the beginning of processing. The following data were taken from the company's records for November: In-process beginning inventory In-process ending inventory Units completed Budgeted output Purchases of materials Total actual direct...
need help with the journal
Materials Direct Materials Price Variance Direct materials (5 lbs. @ $2.60) Accounts Payable $13.00 Work in Process Direct labor (0.75 hr. @ $18.00) 13.50 Direct Materials Usage Variance Materials Fixed overhead (0.75 hr. @ $4.00) 3.00 Variable overhead (0.75 hr. @ $3.00) 2.25 Work in Process Direct Labor Efficiency Variance Direct Labor Rate Variance Wages Payable Standard cost per unit $31.75 Work in Process Variable Overhead Control Fixed Overhead Control Algers computes its overhead rates...
PLEASE ANSWER QUESTIONS CORRECTLY !!!!
1.
2.
3.
4.
PLEASE ANSWER QUESTIONS CORRECTLY !!!!
Use the following data to find the total direct labor cost variance if the company produced 3,500 units during the period. Direct labor standard (4.00 hrs. @ $6.20/hr.) Actual hours worked Actual rate per hour $ 24.80 per unit 12,050 $ 6.30 Multiple Choice . $12,050 favorable 0 $10.885 unfavorable. 0 $10,885 favorable. 0 $1,400 favorable. O $1,400 unfavorable. Fletcher Company collected the following data regarding...
I'm only missing these two questions , thank you for your
help!
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 GLAR Required 6 Required 7 Required 8 What was the labor rate variance for March? The labor efficiency variance? (Do not rond your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)....
can you please help me with 1c. variable overhead
efficiency variance. thanks
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual $ 273, 000 $ 273, eee Sales (6,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income...
Please help me with number 14 only. thank you so much!
Part C: Note: This section is a continuation from Parts A and B of the comprehensive problem. Be sure you have completed Parts A and B before attempting Part C. You may have to refer back to data presented in Parts A and B as well as use answers from those parts when completing this section. Genuine Spice Inc. began operations on January 1 of the current year. The...
3. Materials and Labor Variance Analysis (40 points) Madzinga's Draperies manufactures curtains. A certain window requires the following: Direct materials standard Direct manufacturing labor standard 5 square yards at $7 per yard 2 hours at $18 During the second quarter, the company purchased 67,000 yards of fabric for $7.50 a yard, made 12,000 curtains and used 56,000 square yards of fabric costing $364,000. Direct labor totaled 23,000 hours for $460,000. a. Compute the direct materials price and efficiency variances for...
Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (.e., direct materials and direct labor) of its single product are: Material Labor (5 kilograms x $6.00 per kilogram) (6 hours x $16.00 per hour) $30.00 96.00 All materials are added at the beginning of processing. The following data were taken from the company's records for November: In-process beginning inventory In-process ending inventory Units completed Budgeted output Purchases of materials Total actual direct...
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