Data table

Data table

Standards:

$3$ yards of cloth per unit at $$1\mathrm{.}25$ per yard

Requirements

$2$ direct labor hours per unit at $$17\mathrm{.}50$ per hour

Overhead allocated at $$3\mathrm{.}00$ per direct labor hour

Actual:

$2,400$ yards of cloth were purchased at $$1\mathrm{.}30$ per yard

Employees worked $1,900$ hours and were paid $$17\mathrm{.}00$ per hour

Actual variable overhead was $$2,400$

Actual fixed overhead was $$1,700$

Record the journal entries for direct materials, direct labor, variable overhead, and

fixed overhead, assuming all expenditures were on account and there were no

beginning or ending balances in the inventory accounts $($all materials purchased

were used in production, and all goods produced were sold$).$ Record the journal

entries for the transfer to Finished Goods Inventory and Cost of Goods Sold $($omit

the journal entry for Sales Revenue$).$ Record the journal entry to adjust the

Manufacturing Overhead account. $($Record debits first, then credits. Select the

explanation on the last line of the journal entry table.$)$Quality Company uses a standard cost system and reports the following information for $2024$:

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$.$

$.$

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Part $1$

Quality Company reported the following$$ variances:

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Quality produced $1$ comma $000$ units of finished product in $2024.$

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Part $1$

Begin by journalizing the purchase of direct materials on$$ account, including the related variance. $($Prepare a single compound journal$$ entry.$)$

Date

Accounts and Explanation

Debit

Credit