Information on Chicago Crafters direct materials costs follows: Chicago Crafters carries no materials inventories. Required a. What
Question:
Information on Chicago Crafters direct materials costs follows:
Chicago Crafters carries no materials inventories.
Required
a. What were Chicago Crafters’ direct materials price and efficiency variances?
b. (Appendix) Prepare the journal entries to record the purchase and use of alloy using standard costing.
Transcribed Image Text:
Quantities of alloy purchased and used Actual cost of alloy used.... Standard price per pound of alloy Standard quantity of alloy allowed.. ****. 77,200 pounds $3,782,800 $47.00 80,000 pounds
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a b To record the purchase and use of 77200pounds of alloy at an actual ...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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