Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks i Prepare journal entry for materials issued into production

Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks calculate variances using standard costs #17a #175 Criteria: IJnit standards for material: Equivalent units Beginning Work In Process Ending Work In Process Units Completed Actual Results Number Of lbs used Total material cost 3 lbs per unit $6 per lb 200 units 400 units 6,400 units 20,900 lbs 123,300 usage price All materials added at the beginning All materials added at the beginning Calculate Material Price Variance Calculate Material Quantity Variance Net Material Variance Criteria: calculate and record costing information Prepare journal entry for materials issued into production debit O O O credit favorable unfavorable unfavorable actual @ actual actual @ standard actual @ standard standard @ standard date account Work In Process (Standard @ Standard) Material Quantity Variance Material Price Variance Materials (actual @ actual) standard @ standard actual @actual