Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end:
| Debit | Credit | |
| Direct Materials Price Variance | $13,550 | |
| Direct Materials Usage Variance | $1,260 | |
| Direct Labor Rate Variance | 880 | |
| Direct Labor Efficiency Variance | $12,460 | |
Unadjusted Cost of Goods Sold equals $1,570,000, unadjusted Work in Process equals $256,000, and unadjusted Finished Goods equals $200,000.
What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances?
| Adjusted balance | |
| Work in Process | $ |
| Finished Goods | $ |
| Cost of Goods Sold | $ |
Homework Answers
Add Answer to:
Closing the Balances in The Variance Accounts at the End of the Year
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance $13,550 Direct Materials Usage Variance $1,100 Direct Labor Rate Variance 820 Direct Labor Efficiency Variance $12,340 Unadjusted Cost of Goods Sold equals $1,550,000, unadjusted Work in Process equals $246,000, and unadjusted Finished Goods equals $180,000. Required: 1. Assume that the ending balances in the...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its dir...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance $13,550 Direct Materials Usage Variance $1,120 Direct Labor Rate Variance 870 Direct Labor Efficiency Variance $12,640 Unadjusted Cost of Goods Sold equals $1,570,000, unadjusted Work in Process equals $276,000, and unadjusted Finished Goods equals $180,000. Required: 1. Assume that the ending balances in the...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance $14,350 Direct Materials Usage Variance $1,100 Direct Labor Rate Variance Direct Labor Efficiency Variance $12,580 820 Unadjusted Cost of Goods Sold equals $1,590,000, unadjusted Work in Process equals $286,000, and unadjusted Finished Goods equals $280,000. Required: 1. Assume that the ending balances in the...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance $14,050 Direct Materials Usage Variance $1,280 Direct Labor Rate Variance 870 Direct Labor Efficiency Variance $12,760 Unadjusted Cost of Goods Sold equals $1,520,000, unadjusted Work in Process equals $296,000, and unadjusted Finished Goods equals $190,000. Required: 1. Assume that the ending balances in the...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance $13,650 Direct Materials Usage Variance $1,270 Direct Labor Rate Variance 890 Direct Labor Efficiency Variance $12,640 Unadjusted Cost of Goods Sold equals $1,510,000, unadjusted Work in Process equals $276,000, and unadjusted Finished Goods equals $240,000. Required: 1. Assume that the ending balances in the...
Basic Variance Analysis, Revision of Standards, Journal Entries
Petrillo Company produces engine parts for large motors. The company uses a standard cost system for production costing and control. The standard cost sheet for one of its higher volume products (a valve) is as follows:Direct materials (7 lbs. @ $5.40)$37.80Direct labor (1.75 hrs. @ $18)31.50Variable overhead (1.75 hrs. @ $4.00)7.00Fixed overhead (1.75 hrs. @ $3.00)5.25 Standard cost per unit$81.55During the year, Petrillo had the following activity related to valve production:Production of valves totaled 20,600 units.A total of 135,600 pounds of...
12. At the beginning of October, fixed manufacturing overhead was budgeted at $200,000 end of October, it was found that the fixed overhead volume variance was $8,000 favorable and the fixed over...
12. At the beginning of October, fixed manufacturing overhead was budgeted at $200,000 end of October, it was found that the fixed overhead volume variance was $8,000 favorable and the fixed overhead budget variance was $6,000 unfavorable. Given the situation, which of the following is false?[ A) The Cost of Goods Sold account will be increased as a result of closing entries. B) The applied fixed overhead during the month was $208,000. C) The actual fixed overhead occurred in the...
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...
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual...
Overhead Variances and Their Disposal
Warner Company has the following data for the past year: Actual
overhead $660,500 Applied overhead: Work-in-process inventory
$140,000 Finished goods inventory 280,000 Cost of goods sold
280,000 Total $700,000
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $660,500 Applied overhead: Work-in-process inventory $140,000 280,000 Finished goods inventory Cost of goods sold 280,000 Total $700,000 Warner uses the overhead control account to accumulate both actual and applied...
Raw materials inventory, beginning of year $21,000 Raw materials inventory, end of year
Raw materials inventory, beginning of year $21,000 Raw materials inventory, end of year 23,000 Work in process inventory, beginning of year 55,000 Work in process inventory, end of year 52,000 Finished goods inventory, beginning of year 42,000 Finished goods inventory, end of year 48,000 Raw materials purchased 110,000 Indirect Materials used 6,000 Indirect Labor used 33,000 Direct Labor used 210,000 Depreciation on Factory Machines 22,000 Amount spent on other manufacturing overhead 90,000 Direct labor hours used 15,000 Predetermined overhead rate ...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance $14,350 Direct Materials Usage Variance $1,100 Direct Labor Rate Variance Direct Labor Efficiency Variance $12,580 820 Unadjusted Cost of Goods Sold equals $1,590,000, unadjusted Work in Process equals $286,000, and unadjusted Finished Goods equals $280,000. Required: 1. Assume that the ending balances in the...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance $14,050 Direct Materials Usage Variance $1,280 Direct Labor Rate Variance 870 Direct Labor Efficiency Variance $12,760 Unadjusted Cost of Goods Sold equals $1,520,000, unadjusted Work in Process equals $296,000, and unadjusted Finished Goods equals $190,000. Required: 1. Assume that the ending balances in the...
12. At the beginning of October, fixed manufacturing overhead was budgeted at $200,000 end of October, it was found that the fixed overhead volume variance was $8,000 favorable and the fixed overhead budget variance was $6,000 unfavorable. Given the situation, which of the following is false?[ A) The Cost of Goods Sold account will be increased as a result of closing entries. B) The applied fixed overhead during the month was $208,000. C) The actual fixed overhead occurred in the...
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...
Overhead Variances and Their Disposal
Warner Company has the following data for the past year: Actual
overhead $660,500 Applied overhead: Work-in-process inventory
$140,000 Finished goods inventory 280,000 Cost of goods sold
280,000 Total $700,000
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $660,500 Applied overhead: Work-in-process inventory $140,000 280,000 Finished goods inventory Cost of goods sold 280,000 Total $700,000 Warner uses the overhead control account to accumulate both actual and applied...
Most questions answered within 3 hours.
-
What specific indicators can point to lack of progress for
African Americans in American society?
asked 5 minutes ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 21 minutes ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 48 minutes ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 1 hour ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 1 hour ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 2 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 3 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 3 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 4 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 4 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 4 hours ago -
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 4 hours ago