The Lahn Company produces and sells a single product. Standards have been establ

Question

The Lahn Company produces and sells a single product. Standards have been established for the product as follows: Direct materials: 5 pounds @ $3.50 per pound = $17.50 Direct labor: 3 hours @ $5.50 per hour = $16.50 Actual cost and usage figures for the past month follow: Units produced 750 Direct materials used 4,000 pounds Direct materials purchased (4,500 pounds) $ 14,400 Direct labor cost (2,000 hours) $ 11,200 Required: Prepare journal entries to record: a. The purchase of raw materials. General journal Debit Credit (Click to select)Materials price varianceAccounts payableRaw materials inventoryLabor efficiency varianceLabor rate varianceDirect materialsDirect laborMaterials quantity variance (Click to select)Materials price varianceLabor efficiency varianceDirect laborAccounts payableRaw materials inventoryDirect materialsLabor rate varianceMaterials quantity variance (Click to select)Labor efficiency varianceDirect laborMaterials quantity varianceRaw materials inventoryAccounts payableDirect materialsMaterials price varianceLabor rate variance b. The usage of raw materials in production. General journal Debit Credit (Click to select)Raw materials inventoryLabor rate varianceAccounts payableDirect materialsMaterials quantity varianceWork in processDirect laborLabor efficiency variance (Click to select)Accounts payableRaw materials inventoryDirect materialsDirect laborWork in processMaterials quantity varianceLabor efficiency varianceLabor rate variance (Click to select)Labor efficiency varianceWork in processMaterials quantity varianceRaw materials inventoryLabor rate varianceMaterials price varianceDirect laborDirect materials c. The incurrence of direct labor cost. General journal Debit Credit (Click to select)Materials price varianceWork in processDirect materialsLabor rate varianceRaw materials inventoryLabor efficiency varianceMaterials quantity varianceDirect labor (Click to select)Direct materialsDirect laborLabor efficiency varianceWork in processLabor rate varianceMaterials price varianceRaw materials inventoryMaterials quantity variance (Click to select)Accounts payableWork in processLabor efficiency varianceMaterials quantity varianceLabor rate varianceMaterials price varianceDirect materialsAccrued wages payable (Click to select)Accounts payableMaterials quantity varianceLabor efficiency varianceDirect materialsMaterials price varianceAccrued wages payableLabor rate varianceWork in process The Lahn Company produces and sells a single product. Standards have been established for the product as follows:

Explanation / Answer

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.