Data table Standards: 3 yards of cloth per unit at $1.30 per yard 2 direci iaboi...

Transcribed Image Text:

Data table Standards: 3 yards of cloth per unit at $1.30 per yard 2 direci iaboi fiours per unit at $16.50 per hour Overhead allocated at $3.00 per direct labor hour Actual: 2,700 yards of cloth were purchased at $1.35 per yard Employees worked 1,100 hours and were paid $16.00 per hour Actual variable overhead was $2,000 Actual fixed overhead was $1,500 Print Done Data table Direct materials cost variance $135 U Direct materials efficiency variance 390 F Direct labor cost variance 550 F Direct labor efficiency variance 14,850 F Variable overhead cost variance 1,100 U Variable overhead efficiency variance 1,100 F Fixed overhead cost variance 900 U Fixed overhead volume variance 3,400 F Print Done Requirements Record the journal entries for direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Print Done Great Company reported the following variances: E (Click the icon to view the variances.) Great produced 1,000 units of finished product in 2024. Great Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) Read the requirements. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Data table Standards: 3 yards of cloth per unit at $1.30 per yard 2 direci iaboi fiours per unit at $16.50 per hour Overhead allocated at $3.00 per direct labor hour Actual: 2,700 yards of cloth were purchased at $1.35 per yard Employees worked 1,100 hours and were paid $16.00 per hour Actual variable overhead was $2,000 Actual fixed overhead was $1,500 Print Done Data table Direct materials cost variance $135 U Direct materials efficiency variance 390 F Direct labor cost variance 550 F Direct labor efficiency variance 14,850 F Variable overhead cost variance 1,100 U Variable overhead efficiency variance 1,100 F Fixed overhead cost variance 900 U Fixed overhead volume variance 3,400 F Print Done Requirements Record the journal entries for direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Print Done Great Company reported the following variances: E (Click the icon to view the variances.) Great produced 1,000 units of finished product in 2024. Great Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) Read the requirements. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit

Answer rating: 100% (QA)

Journal Entry Date Account and Explanation Debit Credit 1 Raw material Inventory 2700 yards 130 3510 ... View the full answer