Hart Company made 3,360 bookshelves using 22.360 board feet of wood costing $310.804. The company's direct...

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Hart Company made 3,360 bookshelves using 22.360 board feet of wood costing $310.804. The company's direct materials standards for one booksheif are 8 board feet of wood at $13.80 per board foot. Exercise 21-14A Recording and closing materials variances LO P6 Hart Company uses a standard costing system (1) Prepare the journal entry to charge direct materials costs to Work in Process inventory and record the materials variances. (2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end. Complete this question by entering your answers in the tabs below. Required information Required 1 Required 2 Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. View transaction lst Journal entry worksheet A <> Record price and quantity variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 1. Record entry Clear entry View general journal < Prev 5 of 7 Next > MacBook Air Requird 2 Required 1 Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journel entry to close the variance accounts at period-end. Vlew transaction list Journal entry worksheet A Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Preu Navt Hart Company made 3,360 bookshelves using 22.360 board feet of wood costing $310.804. The company's direct materials standards for one booksheif are 8 board feet of wood at $13.80 per board foot. Exercise 21-14A Recording and closing materials variances LO P6 Hart Company uses a standard costing system (1) Prepare the journal entry to charge direct materials costs to Work in Process inventory and record the materials variances. (2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end. Complete this question by entering your answers in the tabs below. Required information Required 1 Required 2 Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. View transaction lst Journal entry worksheet A <> Record price and quantity variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 1. Record entry Clear entry View general journal < Prev 5 of 7 Next > MacBook Air Requird 2 Required 1 Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journel entry to close the variance accounts at period-end. Vlew transaction list Journal entry worksheet A Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Preu Navt

Answer rating: 100% (QA)

Part 1 Actual Cost Standard Cost AQ x AP AQ x SP SQ x SP 22360 x 1390 22360 x 1380 26880 x ... View the full answer