Journal entry
Mar 31 | work in process (2000*1.25*15) | 37500 | |
Direct labor time variance (2500-2700)*15 | 3000 | ||
Direct labor rate variance (15-14)*2700 | 2700 | ||
Wages payable (2700*14) | 37800 |
Recording Standards in Accounts The Assembly Department produced 2,000 units of product during March. Each unit...
Recording Standards in Accounts The Assembly Department produced 2,000 units of product during March. Each unit required 1.75 standard direct labor hours. There were 3,700 actual hours used in the Assembly Department during March at an actual rate of $13.5 per hour. The standard direct labor rate is $14.5 per hour. Assuming direct labor for a month is paid on the fifth day of the following month, journalize the direct labor in the Assembly Department on March 31. For a...
Recording Standards in Accounts The Assembly Department produced 3,000 units of product during March. Each unit required 1.25 standard direct labor hours. There were 4,000 actual hours used in the Assembly Department during March at an actual rate of $13.5 per hour. The standard direct labor rate is $14.5 per hour. Assuming direct labor for a month is paid on the fifth day of the following month, journalize the direct labor in the Assembly Department on March 31. For a...
Recording Standards in Accounts The Assembly Department produced 3,000 units of product during March. Each unit required 1.25 standard direct labor hours. There were 4,000 actual hours used in the Assembly Department during March at an actual rate of $11 per hour. The standard direct labor rate is $11.5 per hour. Assuming direct labor for a month is paid on the fifth day of the following month, journalize the direct labor in the Assembly Department on March 31. For a...
Recording Standards in Accounts The Assembly Department produced 4,000 units of product during March. Each unit required 1.75 standard direct labor hours. There were 7,500 actual hours used in the Assembly Department during March at an actual rate of $14.5 per hour. The standard direct labor rate is $15.5 per hour. Assuming direct labor for a month is paid on the fifth day of the following month, journalize the direct labor in the Assembly Department on March 31. For a...
Chart of Accounts Journal Instructions The Assembly Department produced 5,000 units of product during March. Each unit required 220 standard direct labor hours. There were 11,500 actual hours used in the Assembly Department during March at an actual rate of $17.60 per hour. The standard direct labor rate is $18.00 per hour. Assuming direct labor for a month is paid on the fifth day of the following month Required: Journalize the direct labor in the Assembly Department on March 31....
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials 3 feet $5 per foot $ 15 Direct labor 7 hours 7 per hour ? During March, the company purchased direct materials at a cost of $52,740, all of which were used the production of 2,750 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of...
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $44,160, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The...
2. Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours 0.20 hours 0.20 hours Standard Price or Standard Cost Per Rate Unit $30.00 per hour $6.00 $ 6.60 per hour $1.32 Direct labor Variable overhead In November the company's budgeted production was 6,900 units, but the actual production was 6,700 units. The company used 1,520 direct labor-hours to produce this output. The actual variable overhead cost was $9,424. The company...
Direct Labor Variances Greeson Clothes Company produced 24,000 units during June of the current year. The Cutting Department used 4,600 direct labor hours at an actual rate of $14.70 per hour. The Sewing Department used 7,600 direct labor hours at an actual rate of $14.40 per hour. Assume that there were no work in processinventories in either department at the beginning or end of the month. The standard labor rate is $14.60. The standard labor time for the Cutting and...
Direct Labor Variances Greeson Clothes Company produced 15,000 units during June of the current year. The Cutting Department used 2,900 direct labor hours at an actual rate of $12.10 per hour. The Sewing Department used 4,800 direct labor hours at an actual rate of $11.80 per hour. Assume that there were no work in process inventories in either department at the beginning or end of the month. The standard labor rate is $12.00. The standard labor time for the Cutting...