Standard Cost Journal Entries Bellingham Company produced 5,900 units that require 11 standard pounds per unit...
Standard Cost Journal Entries
Bellingham Company produced 5,900 units that require 11 standard pounds per unit at a $7.5 standard price per pound. The company actually used 66,200 pounds in production.
Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank.
| Work in Process | |||
| Direct Materials Quantity Variance | |||
| Materials |
Homework Answers
SOLUTION
| Accounts titles and Explanation | Debit ($) | Credit ($) |
| Work in Process | 486,750 | |
| Direct Materials Quantity Variance | 9,750 | |
| Materials | 496,500 |
Work in Process = 5,900 units * 11 * $7.5 = $486,750
Materials = 66,200 * $7.5 = $496,500
Direct Materials Quantity Variance = 496,500 - 486,750 = 9,750
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what is the direct materials (a) price variance, (b) quantity
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favorable variance as a negative number using a minus sign and an
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