Bliny Corporation makes a product with the following standard costs for direct material and direct labor: During

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Bliny Corporation makes a product with the following standard costs for direct material and direct labor:

Direct material: 2.00 meters at $3.25 per meter Direct labor: 0.40 hours at $12.00 per hour $6.50 $4.80

During the most recent month, 5,000 units were produced. The costs associated with the month’s production of this product were as follows:



The standard cost variances for direct material and direct labor are:


Required:

1.         Prepare the journal entry to record the purchase of materials on account for the month.

2.         Prepare the journal entry to record the use of materials for the month.

3.         Prepare the journal entry to record the incurrence of direct labor cost for the month.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  answer-question

Managerial Accounting

ISBN: 978-0697789938

13th Edition

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

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