Lizard Company purchased 1,000 pounds of direct materials on account at $2 per pound. The standard price
Question:
Lizard Company purchased 1,000 pounds of direct materials on account at $2 per pound. The standard price for direct materials is $1.90 per pound. Make the journal entry to record the purchase and the variance.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
Material 190 x 1000 ...View the full answer
Answered By
Abigael martinez
I have been a tutor for over 3 years and have had the opportunity to work with students of all ages and backgrounds. I have a strong belief that all students have the ability to learn and succeed if given the right tools and support. I am patient and adaptable, and I take the time to get to know each student's individual learning style in order to best support their needs. I am confident in my ability to help students improve their grades and reach their academic goals.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Corporate Finance questions
-
Make the journal entries to record the purchase and use of direct materials and direct labour made by Dock Guard in E10-27A. In exercise Dock Guard, which uses a standard cost accounting system,...
-
Make the journal entries to record the purchase and use of direct materials and direct labour made by Great Guard in E10-49B. In E10-49B Great Guard, which uses a standard cost accounting system,...
-
For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not...
-
Assume a companys estimated sales is 27,000 units. Its desired ending finished goods inventory is 5,000 units, and its beginning finished goods inventory is 3,000 units. What is the required...
-
Why wouldnt gabbro be a likely source rock for an arkose sandstone?
-
1. Look at Vermont Heritages sales revenue, EBIT, and net income over the three-year period. Would you classify it as a growing, diminishing, or a stable company? 2. Look at Vermont Heritages expense...
-
The response variable \(Y_{i j}\) in a \(2^{2}\) design can also be expressed as a regression model \[Y_{i j}=\mu+\beta_{1} x_{1}+\beta_{2} x_{2}+\beta_{12} x_{1} x_{2}+\varepsilon_{i j}\] where the...
-
Break-even analysis is one of the most fundamental tools for managing any kind of business unit. Consider the management of your school. In a group, brainstorm some applications of break-even...
-
A baseball catcher is performing a stunt for a television commercial. He will catch a baseball with mass m = 173 g, dropped from rest at a height y = 62 m above his glove. The glove brings the ball...
-
Jarvis University (JU) is a private, multiprogram U.S. university with a $2 billion endowment fund as of fiscal year-end May 31, 2019. With little government support, JU is heavily dependent on its...
-
Suppose the time interval between two consecutive defective light bulbs from a production line has a uniform distribution over an interval from 0 to 90 minutes. Answer the following questions here....
-
Mallory Manufacturing produces thermal tents and sleeping bags. The company's products are in high demand due to the quality and durability of the products. Mallory estimates it could sell 600 tents...
-
Professional competence and due care means that members of the professional body must: (a) Maintain their knowledge and skill at the required level. (b) Keep up to date with changes in regulations...
-
21. A stock rose $4.87 a share today and your call option moved up $2.85. What was yesterday's gamma
-
When a block of mass m = 16 is suspended from a spring, the spring stretches by 0.101m. The system is subjected to initial position o= 0. And an initial velocity vo = 0.15 m/s. Determine the response...
-
Consider the following code segment. CLR MOV.W MOV.W 01 02 03 04 05 1nxt: 06 07 MOV.B BIT.W JNZ INC 08 1skip: RRA.W 09 DEC.B JNZ MOV. B PPO OHNM 10 11 R12 mylw, R6 #1, R5 #16, R7 R5, R6 lskip R12 R6...
-
Using a suitable method, forecast the number of newborns in Singapore for 2020 3Q through 2021 4Q. Please provide justification for the method you choose. Please limit the answer to within two pages.
-
Beginning inventory Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 Activities Units Acquired at Cost 255 units @ $12.20 = $ 3,111 Units...
-
Solve the system of equations. x? + ? %3D 12 ? %3D 9
-
The text defined intrinsic value as the value of an asset given a hypothetically complete understanding of the assets investment characteristics. Discuss why hypothetically is included in the...
-
Under standard accounting rules, it is possible for a companys liabilities to exceed its assets. When this occurs, the owners equity is negative. Can this happen with market values? Why or why not?
-
Under standard accounting rules, it is possible for a companys liabilities to exceed its assets. When this occurs, the owners equity is negative. Can this happen with market values? Why or why not?
-
Under standard accounting rules, it is possible for a companys liabilities to exceed its assets. When this occurs, the owners equity is negative. Can this happen with market values? Why or why not?
-
1. What is difference between Torque and Force? Explain with one example of each. 2. What is difference between linear momentum and angular momentum? Explain with one example of each. 3(a) What is...
-
On August 30, JumpStart paid the following expenses: August rent, $2,300 August's utility bill, $525 Employee wages, $1,750 Parking lot cleaning fee, $27 Journalize these payments as one journal...
-
A 700 g ball strikes a wall at 15.1 m/s and rebounds at 14.4 m/s. The ball is in contact with the wall for 0.034 s. What is the magnitude of the average force acting on the ball during the collision?...
Study smarter with the SolutionInn App