Question: Data for Levine Inc. are given in E. In E, Levine Inc., which produces a single product, has prepared the following standard cost sheet for

Data for Levine Inc. are given in E.
In E, Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (8 pounds at $2.50 per pound) ........ $20
Direct labor (3 hours at $12.00 per hour) .......... $36
During the month of April, the company manufactures 230 units and incurs the following actual costs.
Direct materials purchased and used (1,900 pounds) ..... $5,035
Direct labor (700 hours) ................ $8,120

Instructions
Journalize the entries to record the materials and labor variances.

Step by Step Solution

★★★★★

3.47 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Raw Materials Inventory 1900 X 250 4750 Materials Price Variance 1900 X 015 285 Accounts Payable 1... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

426-B-M-A-D-B-S (610).docx

120 KBs Word File

Students Have Also Explored These Related Managerial Accounting Questions!

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.50 per pound) ........ $20 Direct labor (3...

A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price ................ $150 Units in beginning inventory...

The Onenote Co. produces a single product at three plants for four customers. The three plants will produce 60, 80, and 40 units, respectively, during the next time period. The firm has made a...

Question 1 Char Tau Sdn Bhd uses Material B for production. The following are the movements of stock during the month of November 2007: Receipts Issues Units Unit cost (RM) 1.10 1.20 200 Datel Units...

pls answer all the quentions .Question 2 and 3 Question 2 Watermelon Sdn Bhd produces a single product. The following standard data per unit is available: Selling price RM16 Direct Material 1 kilo at...

CASE 2-27 Missing Data; Income Statement; Schedule of Cost of Goods Manufactured [LO2, LO3, L04, L05] "I was sure that when our battery hit the market it would be an instant success," said Roger...

Hello, please help me with an assignment "The Mahela Company specializes in producing sets of wooden patio furniture consisting of a table and four chairs" Thanks Concept Review Assignment (Worth 2%...

QUESTION 1 3. Variable overhead spending and efficiency variances. 4. Fixed overhead spending and volume variances.Materials, Labor, and Overhead Variances Wangsgard Manufacturing has the following...

Ch23 Case Study Assignment - Part 2 Problem One: Paradise, Inc. has prepared the following standard cost sheet for one unit of the product Direct materials (2 pounds at 57 per pound) Direct labor (4...

Simpson Manufacturing has the following standard cost sheet for one of its products: Direct materials Direct labor Variable factory overhead Fixed factory overhead Cost per unit 5 pounds at $2 per...

Which of the following transactions will result in increase in assets and increase in liabilities? A Payment made to creditiors. B C Goodwill account written off. E Issue of bonus shares. D Machinery...

A twin cylinder single stage single acting air compressor runs at 800 rpm. The free air-conditions are100 kPa and 25C. The free air delivered is 15 m3 /min. The suction pressure and temperature are...

The local organizational issue is low ELA proficiency rates. In addition to contributing to low ELA proficiency rates, chronic absences impact overall school performance. During the 2021-2022 school...

1. What type of power did Janeys boss employ to get her to do the things that he wanted her to do?

Sveta Pace is trying to understand the term cost of capital. Define the term and indicate its relevance to the decision rule under the internal rate of return technique.

Bella Company is considering purchasing new equipment for $450,000. It is expected that the equipment will produce net annual cash flows of $50,000 over its 10-year useful life. Annual depreciation...

You have decided that you want to buy a home in 6 years. You believe you can afford a house that is $230,000. a) If you want to have 19% for a down payment, how much will you need to have for the...

Project 3: Stockholders' Equity (10 points) Required: Answer the questions on the following page in this booklet and turn in the entire booklet at the beginning of class on the date specified by your...

Which of the following pieces of code, ( a ) or ( b ) , would be more efficient ( run faster ) ? Justify your answer and state the name of one function you would use to verify the speed difference...