Anwer A-H.

Understanding Cost Variances: Solving for Missing Data [ LO24-1, LO24-3, LO24-4 Ripley Corporation has supplied the following information obtained from its standard cost system in June. Standard price of direct materials $6 per pounc Actual price of direct materials Standard direct labor rate Actual direct labor hours in June Instructions a. Determine the actual quantity of materials purchased and used in production during June. b. Determine the standard quantity of materials allowed for the productive output achieved during June. c. Determine the actual average direct labor rate in June. d. Determine the standard direct labor hours allowed for the production output achieved during June. e. Determine the total overhead costs allowed for the production output achieved during June. f. Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June. g. Close all cost variances directly to the Cost of Goods Sold account at the end of June. h. Was Ripley's production output in June more or less than its normal level of output? How can you tell? Understanding Cost Variances: Solving for Missing Data [ LO24-1, LO24-3, LO24-4 Ripley Corporation has supplied the following information obtained from its standard cost system in June. Standard price of direct materials $6 per pounc Actual price of direct materials Standard direct labor rate Actual direct labor hours in June Instructions a. Determine the actual quantity of materials purchased and used in production during June. b. Determine the standard quantity of materials allowed for the productive output achieved during June. c. Determine the actual average direct labor rate in June. d. Determine the standard direct labor hours allowed for the production output achieved during June. e. Determine the total overhead costs allowed for the production output achieved during June. f. Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June. g. Close all cost variances directly to the Cost of Goods Sold account at the end of June. h. Was Ripley's production output in June more or less than its normal level of output? How can you tell