journal entry

Project Description:

bechtel technical clothing produces parkas used by arctic explorers, mountain climbers, and people living in minnesota. the company uses a standard costing system, and standards call for 2.5 yards of material at $54 per yard for each parka. the standard cost for labor is 3.4 hours at $34 per hour. standard overhead is $14 per unit. for the year 2015, expected production is 8,200 parkas with fixed overhead of $58,000 and variable overhead of $6.5 per parka.

during 2015, 8,500 parkas were manufactured. the company purchased 23,400 yards of material at a cost of $1,333,800. production required 22,400 yards of material. the cost of direct labor was $1,010,000 for 27,700 hours. actual overhead for the year was $93,800. all purchases are on account.

a. prepare a journal entry to record the purchase of material.
b. prepare a journal entry to record material used in production.
c. prepare a journal entry to record direct labor.
d. prepare a journal entry to record actual overhead and overhead applied.
e. prepare a journal entry to close the variances in requirements a through d to cost of goods sold.
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $3 to $5
Total Proposals: 3
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