Question: Musselmann Inc. uses a standard costing system. The standard for one of its products, Fastener #109, is 2 units of component part F-25 at a

Musselmann Inc. uses a standard costing system. The standard for one of its products, Fastener #109, is 2 units of component part F-25 at a cost of 42 cents per unit. During September, 8,200 units of Fastener #109 were manufactured. During September, 20,000 units of component part F-25 were purchased on account for a total cost of $8,800, and 16,500 units were used in production.
Required:
Prepare journal entries for the purchase and issue of component part F-25 using the three methods for recording materials.

Step by Step Solution

★★★★★

3.38 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Price variance recorded at the time materials are received and placed in the storeroom Materials 200... 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)

906-B-M-A-P-C (2868).docx

120 KBs Word File

Students Have Also Explored These Related Managerial Accounting Questions!

Raw cotton having an initial total moisture content of 95% (dry basis) and a dry density 43.7 lb/ft 3 is to be dried batchwise to a final moisture content of 10% (dry basis) in a cross-circulation...

Iverson Company produces microwave ovens. Iversons plant in Akron uses a standard costing system. The standard costing system relies on direct labor hours to assign overhead costs to production. The...

A group of five successful business people were awarded the franchise for one of two new expansion teams in the North American Sports League (NASL). The professional sports franchise was named the...

Plimpton Company produces countertop ovens. Plimpton uses a standard costing system. The standard costing system relies on direct labor hours to assign overhead costs to production. The direct labor...

Please answers attached questions and limited time. A plant has two departments, Machining and Assembly. This year's budget for the plant contained the following information. Machining Assembly...

E19-1 Journal Entries for Materials; Variance Analysis. Musselmann Inc uses a standard cost- ing system. The standard for one of its products, Fastener #109, is 2 units of component part F-25 at a...

Knowledge Check 01 Voltox Inc. uses a standard costing system. It has calculated a direct labor rate variance of $3,750, unfavorable, and a direct labor efficiency variance of $2,750, favorable. The...

Francis Company produces scarf for ladies. the data for production and marketing are indicated below: Cost per yard of cloth P40 Allowance for rejected scarf 5% of production Yards of cloth needed...

QUESTION 4 [20] Tazz (Pty) Ltd manufactures steel rods and uses a standard costing system. The following is the standard variable cost for one of their products: R Material @ R8, 00 per kg 20.00...

Thank you for assisting me throughout this course. please contact with any questionsagain thank you Mid-term (Chapters 3-4) 1. During the month of April, direct labor cost totaled $15,000 and direct...

76. The level of inventory of a manufactured product has increased by 8,000 units during a period. The following data are also available: Variable Fixed Unit manufacturing costs of the period P12.00...

Let f : R R be defined by f(x) := 2x4 + x4 sin(1/x) for x 0 and f(0) := 0. Show that f has an absolute minimum at x 0, but that its derivative has both positive and negative values in every...

Many companies look to re-finance their outstanding debt when interest rates fall significantly. Javert Toy Company has $50.00 million in debt outstanding that pays an 8.00% APR coupon. The debt has...

A plant asset purchased by Krest Inc. for \ $ 5 0 0 , 0 0 0 late in Year 1 is to be depreciated as follows. In Year 3 , taxable income is \ $ 2 , 2 5 0 , 0 0 0 , and the tax rate is 2 5 \ % ....

1. Find the area under the standard normal distribution curve: A. between z = 0 and z = 1.77 B. between z = 0.24 and z = ?2.14 C. To the right of z = 2.01 D. To the right of z =1.92 and to the left...

Given the air-pollution data in table 1.5, examine the pairs X 5 = NO 2 and X 6 = O 3 for bivariate normality. (a) Calculate statistical distances where (b) Determine the proportion of observation ,...

Use the following narrative to complete the UML class diagram with classes, associations, and multiplicities outlined below and then answer questions : The Multnomah County Library provides a variety...

A portfolio consists of three stocks: Stock A, Stock B, and Stock C. The table below provides the covariances between the returns of each pair of stocks, the expected return for each stock, and the...

As background for this discussion session, read the mini-case Business Model Innovation: How Dollar Shave Club Disrupted Gillette (in the textbook, p. 474). Attacking the leader of an industry,...

[25] (a) Show that C (a, b) = K(a|C (a, b)) + C(b|a, C (a, b)) + O(1). (b) Show that if a = then C (b) = C(b|C(b)) + O(1). (c) Show that if b = then C (a) = K(a|C(a)) + O(1) and this implies...

What two assumptions are frequently made when estimating a cost function?

Describe three alternative linear cost functions.

6. What are the various forms of business organization? What are the advantages and disad-vantages of each? 9. The president of Southern Semiconductor Corporation (SSC) made this statement in the...

If Susie earns $ 7 6 8 , 0 0 0 in taxable income and files as head of household for year 2 0 2 3 , what is Susie's average tax rate? ( Use tax rate schedule. ) Note: Do not round intermediate...

#3 The market price of a stock is $43.54 and it is expected to pay a $2.31 dividend next year. The dividend is expected to grow at 3.65% forever. What is the required rate of return for the stock?...