Refer to your solution for the preceding problem regarding Springsteen Company.
Required:
1. Prepare journal entries to record all of the events listed for Springs teen Company during July. Specifically, these journal entries should reflect the following events.
b. Use of direct material.
a. Purchase of direct material.
c. Incurrence of direct-labor costs.
d. Addition of production costs to the Work-in-Process Inventory account for each department.
e. Incurrence of all variances.
f. Completion of 500 guitars.
g. Sale of 300 guitars.
h. Closing of all variance accounts into Cost of Goods Sold.
2. Draw T-accounts, and post the journal entries prepared in requirement (1). Assume the beginning balance in all accounts is zero.
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