Coronado Company installed a standard cost system on January 1. Selected transactions for the month of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Coronado Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 17,900 units of raw materials on account at a cost of $2.80 per unit. Standard cost was $2.60 per unit. 2. Issued 17,900 units of raw materials for jobs that required 17,520 standard units of raw materials. 3. Incurred 15,000 actual hours of direct labor at an actual rate of $4.80 per hour. The standard rate is $5.20 per hour. (Credit Factory Wages Payable.) 4. Performed 15,000 hours of direct labor on jobs when standard hours were 15,200. 5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. No. Account Titles and Explanation 1. Raw Materials Inventory Materials Price Variance Accounts Payable 2. Work in Process Inventory Materials Quantity Variance Raw Materials Inventory 3. Factory Labor Labor Price Variance Factory Wages Payable Debit 17900 72,000 Credit 50120 46012 72,000 Raw Materials Inventory 72,000 3. Factory Labor Labor Price Variance Factory Wages Payable 78,000 4. Work in Process Inventory Labor Quantity Variance Factory Labor 5. Work in Process Inventory 72,000 Manufacturing Overhead 46012 72,000 78,000 72.000 Coronado Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 17,900 units of raw materials on account at a cost of $2.80 per unit. Standard cost was $2.60 per unit. 2. Issued 17,900 units of raw materials for jobs that required 17,520 standard units of raw materials. 3. Incurred 15,000 actual hours of direct labor at an actual rate of $4.80 per hour. The standard rate is $5.20 per hour. (Credit Factory Wages Payable.) 4. Performed 15,000 hours of direct labor on jobs when standard hours were 15,200. 5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. No. Account Titles and Explanation 1. Raw Materials Inventory Materials Price Variance Accounts Payable 2. Work in Process Inventory Materials Quantity Variance Raw Materials Inventory 3. Factory Labor Labor Price Variance Factory Wages Payable Debit 17900 72,000 Credit 50120 46012 72,000 Raw Materials Inventory 72,000 3. Factory Labor Labor Price Variance Factory Wages Payable 78,000 4. Work in Process Inventory Labor Quantity Variance Factory Labor 5. Work in Process Inventory 72,000 Manufacturing Overhead 46012 72,000 78,000 72.000
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Because export taxes on food commodities are frequently seen as falling on foreign consumers, they tend to be favored as revenue sources by many countries. What assumptions are necessary for export...
-
How valid do you think the information obtained from a personal interview versus an employment test versus an assessment center would be for predicting effective job performance for a college...
-
The unadjusted trial balance of Epicenter Laundry at June 30, 2014, the end of the current fiscal year, is shown below. The data needed to determine year-end adjustments are as follows: a. Laundry...
-
Most DBMS packages contain a data definition language, a data manipulation language, and a data query language. For each of the following examples, indicate which language would be used and why. a. A...
-
In recent years, Juresic Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus,...
-
Which one of these statements is true? A) Shareholders of the target firm must vote to approve an acquisition by stock. B) The merger of two direct competitors is usually considered to be a...
-
(a) Use the concept of matrix Rank to argue, without performing ANY calculation, why the columns of this matrix canNOT be linerly independent. (b) Use Gauss-Jordan elimination method (you can use...
-
Can you please solve this CMNS 1140 Assignment 1 - Self-Reflective Memo ASSIGNMENT SUMMARY: Assignment Value: Worth 5% of your total grade DUE DATE: Check Moodle for due date BACKGROUND AND LEARNING...
-
.A spherical mass is launched vertically upward inside a warehouse. The sphere strikes the ceiling, 18 meters high. The mass is 15.0 lbm, and is launched at 25.0 m/s. g = 9.81 m/s 1. Create a table...
-
Two cats are fighting on top of a slippery roof. Because they're distracted, they suddenly both start sliding down. They start with zero speed at the top, and each of them has a constant...
-
Draw the Newman projections requested below. LL Draw the Newman projection looking down the C2-C3 bond Using the Newman projection you drew (left), provide its enantiomer keeping it in a Newman...
-
The position of a high speed test train is given by s = (3t2 + 5t + 4)m, where t is in seconds and s is in meters. Determine the speed and acceleration of the train at t = 5 seconds.
-
This is a question I have already answered, I just wanted to make sure I answered it correctly Determine which, if any of the three statements are equivalent. I. If rain is falling, then the ladybugs...
-
Determine the volume of the parallelepiped of Fig. 3.25 when (a) P = 4i 3j + 2k, Q = 2i 5j + k, and S = 7i + j k, (b) P = 5i j + 6k, Q = 2i + 3j + k, and S = 3i 2j + 4k. P
-
A slurry of pure \(\mathrm{NaCl}\) crystals, \(\mathrm{NaCl}\) in solution, \(\mathrm{NaOH}\) in solution, and water is sent to a system of thickener(s) at a rate of \(100.0 \mathrm{~kg} /...
-
Repeat Example 14-2 except for a three-stage countercurrent system and unknown underflow product concentration. Example 14-2 We wish to treat 1000.0 kg/h (wet basis) of insoluble meal (D) that...
-
This problem looks at the trade-offs between purity measured by \(\mathrm{y}_{\mathrm{I}, \text { out }} / \mathrm{y}_{\text {sugar, out }}\) and sugar recovery in the liquid,...
Study smarter with the SolutionInn App