No | Account Titles | Debit | Credit | |
1 | Raw Materials Inventory | $51,900 | ||
Materials Price Variance | $5,190 | [17,300 x ($3.30 - $3.00)] | ||
Accounts Payable | $57,090 | |||
2 | Work in Process Inventory | $50,670 | ||
Materials Quantity Variance | $1,230 | [$3.00 x (17,300 - 16,890)] | ||
Raw Materials Inventory | $51,900 | |||
3 | Factory Labor | $72,000 | ||
Labor Price Variance | $8,000 | [16,000 x ($4.00 - $4.50)] | ||
Factory Wages Payable | $64,000 | |||
4 | Work in Process Inventory | $72,720 | ||
Labor Quantity Variance | $720 | [$4.50 x (16,000 - 16,160)] | ||
Factory Labor | $72,000 | |||
5 | Work in Process Inventory | $123,390 | ||
Manufacturing Overhead | $123,390 | |||
Concord Company installed a standard cost system on January 1. Selected transactions for the month of...
Problem 11-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.30 per pound $3.90 Direct materials Direct labor 1.30 hour at $10.00 per hour 13.00 2 hours (variable $4.50 per machine hour; fixed $2.60 per machine hour) 14.20 Overhead $31.10 Standard cost per...
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.00 per pound Direct materials $3.00 Direct labor 1.50 hour at $10.00 per hour 15.00 2 hours (variable $4.30 per machine hour; fixed $3.30 per machine hour) Overhead 15.20 $33.20 Standard cost per unit Normal capacity for the...
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of Product B was received. The standard cost of one unit of Product B is as follows. Direct materials 3 pounds at $1.10 per pound $3.30 Direct labor 1.70 hour at $8.00 per hour 13.60 Overhead 2 hours (variable $4.40 per machine hour; fixed $2.70 per machine hour) 14.20 Standard cost per unit $31.10 Normal capacity for the...
The Schock Manufacturing Company uses a standard cost system. The standards are set January 1 each year and remain unchanged until December 31 The standard costs set for the next year are: Diret materials S10.00 per unit Direct labor Overhead 7.50 per unit 600 per unit The labor standard above includes a methods change from 2 hours to 1% bours per unit, effective February 28, and a change in labor rates from $4.00 to $5,00 per hour effective February 28....
Bovar Company began the manufacture of new paging machines. The company installed a standard costing system to account for manufacturing costs. The standard cost per unit is: Direct materials 3 pound @ $5 per pound Direct labor .5 hours @ $20 per direct labor hour Variable overhead 75% of direct labor cost Actual production was 4,000 units; actual sales were 2,500 units. There is no beginning inventory for direct materials. Other data are: Materials price variance is...
Problem 2-1A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,200, direct labor $12,120, and manufacturing overhead $16,160. As of January 1, Job No. 49 had been completed at a cost of $90,900 and was part of finished goods inventory....
Concord Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Actual Standard Raw materials unit cost $2.40 $2.20 Raw materials units 11,000 10,300 Direct labor payroll $162,800 $159,600 Direct labor hours 14,800 15,200 Manufacturing overhead incurred $217,464 Manufacturing overhead applied $221,464 Machine hours expected to be used at normal capacity 41,500 Budgeted fixed overhead for June $66,400 Variable overhead rate per machine hour $3.10 Fixed overhead rate per...
27 Hurren Corporation makes a product with the following standard costs: Standard Cost Standard Quantity or Standard Price or Per Unit Rate Hours $22.40 $4.00 per gram 5.6 grams Direct materials $36.10 $19.00 per hour 1,9 hours Direct labor $7.60 $4.00 per hour 1.9 hours Varlable overhead The company reported the following results concerning this product in June. Originally budgeted output 5,400 units Actual output 5,300 units Raw materials used in production 28,500 grams Actual direct labor-hours 5,700 hours Purchases...
Hurren Corporation makes a product with the following standard costs: Standard Standard Price Standard Cost Quantity or Per Unit or Rate Hours $8.00 per gram Direct materials 4.0 grams $32.00 $7.20 $12.00 per hour Direct labor 0.6 hours Variable $8.00 per hour $4.80 0.6 hours overhead The company reported the following results concerning this product in June. 7,300 Originally budgeted output units Actual output 7,200 units Raw materials used in production 28,340 grams 4,100 Actual direct labor-hours hours Purchases of...
Oddo Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Cost Per Unit Standard Price or Rate Direct Materials Direct Labor Variable Overhead 3.0 ounces 0.7 hours 0.7 hours $7.00 per ounce $20.00 per hour $5.00 per hour $21.00 $14.00 $ 3.50 The company reported the following results concerning this product in December: Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials...