Homework: Chapter 7 Homework Question 12, E7-31 (book/static) HW Score: 38.84%, 11.65 of 30 points Save Part 1 of 8 O Points: 0 of 2 Dawson, Inc. is a privately held furniture manufacturer. For August 2020, Dawson had the following (Click the icon to view the costs and variances under the assumptions "option 2".) standards for one of its products, a wicker chair: (Click the icon to view the standards.) Requirement Prepare journal entries and post them to T-accounts for the price and efficiency variances listed (Click the icon to view the costs and variances for actual production "option 1".) under the two options. Summarize how these journal entries differ from normal-costing entries. Option 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit 1. (a) Help me solve this Etext pages Get more help - Clear all Check answerHomework: Chapter 7 Homework Question 12, E7-31 (book/static) HW Score: 38.84%, 11.65 of 30 points Save Part 1 of 8 O Points: 0 of 2 Dawson, Inc. is a privately held furniture manufacturer. For August 2020, Dawson had the following (Click the icon to view the costs and variances under the assumptions "option 2".) standards for one of its products, a wicker chair: (Click the icon to view the standards.) Requirement Prepare journal entries and post them to T-accounts for the price and efficiency variances listed (Click the icon to view the costs and variances for actual production "option 1".) under the two options. Summarize how these journal entries differ from normal-costing entries. X Standard Costs and Usage X Option 1. Standards per Chair O Prepare the journal entry for the direct materials pric Direct materials 3 square yards of input at $5.50 per square yard Journal Direct manufacturing labor 0.5 hour of input at $10.50 per hour Date Accounts O 1. (a) Print Done O O Help me solve this Etext pages Get more help - Clear all Check answer=Homework: Chapter 7 Homework Question 12, E7-31 (book/static) HW Score: 38.84%, 11.65 of 30 points 0 of 2 Save X Dawson, Inc. is a privately held furniture manufacture Option 1 d variances under the assumptions "option 2".) standards for one of its products, a wicker chair: (Click the icon to view the standards.) (Click the icon to view the costs and variances fo For August 2020, Dawson had the following costs and variances for actual to T-accounts for the price and efficiency variances listed production of 2,200 chairs, 6,200 square yards of input purchased and used: these journal entries differ from normal-costing entries. Option 1: Actual production Actual input X Flexible Option 1. Actual costs Budgeted price budget costs O Prepare the journal entry for the direct materials price Direct materials $ 35,340 $ 34, 100 $ 36,300 Journal Direct manufacturing labor 9.844 9,660 11,550 Date Accounts Price O Efficiency 1. (a) variances variances Direct materials $ 1,240 U $ 2,200 F O Direct manufacturing labor 184 U 1,890 F O Print Done Help me solve this Etext pages Get more help - Clear all Check answer= Homework: Chapter 7 Homework Question 12, E7-31 (book/static) HW Score: 38.84%, 11.65 of 30 points Save 0 of 2 X Dawson, Inc. is a privately held furniture manufacture Option 2 d variances under the assumptions "option 2".) standards for one of its products, a wicker chair: (Click the icon to view the standards.) The following variances are under the assumption that 8,700 square yards of to T-accounts for the price and efficiency variances listed (Click the icon to view the costs and variances fo materials were purchased, even though only 6,200 square yards were used. these journal entries differ from normal-costing entries. Suppose further that direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department. X Option 2: Increase in purchases Option 1. Actual input Flexible O Prepare the journal entry for the direct materials price Direct materials: Actual costs Budgeted price budget costs Journal Purchasing $ 49,590 $ 47,850 Date Accounts O Production $ 34, 100 $ 36,300 1. (a) Price Efficiency O variance variance Direct materials $ 1,740 U $ 2,200 F O Print Done Help me solve this Etext pages Get more merp Clear all Check