During the month of July the company IS S.A. produced 500 units of a special mattress fabric under the trade name Strom. The direct standard cost for a Strom unit consists of the following cost elements:

Direct materials	20 meters X 1.35 euros per meter	27 euros
Direct labor	4 hours X 9 euros per hour	36 euros
Total direct standard cost per produced unit		63 euros

The following is additional information regarding Strom product production during July:

	Quantity	Value
Direct materials purchase	18,000 meters	24,000 euros
Used direct materials	9,500 meters	13,110 euros
Direct labor	2,100 hours	19,215 euros

Write the journal entries of the Work in Progress account.

Answer rating: 100% (QA)

To record the journal entries for the Work in Progress WIP account we need to account for the direct ... View the full answer