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Chrome File Edit View History Bookmarks People Window Help ?) 21%) Sun 12:18 PM CengageNOWv2 I Online teaching and learning resource from Cengage Learning ? v2.cengagenow.com/irn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&inprogress-false; 1. EX.22-01.ALGO 2. EX.22-02.ALGO 3. EX.22-06 ALGO Recording Standards in Accounts Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred ournalize the entries to record the following transactions a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. For a compound transaction, if an amount box does not require an entry, leave it blank. 4. EX.22-10.ALGO a. 5. EX.22-13 6. EX.22-15.ALGO 7. EX.22-19 b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner. For a compound transaction, if an amount box does not require an entry, leave it blank. 8. EX.22-23 b. 9. PR.22-01AALGO Check My Work Previous Next Progress: 7/9 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for GradingExplanation / Answer
a)
Quantity
Price
Cost
Standard
2450
48.50
2450*48.50 = 118825
Actual
2450
52
2450*52 = 127400
Price Variance
2450
3.50
8575
Direct materials inventory Dr 118825
Direct materials price variance Dr 8575
Accounts Payable Cr 127400
b)
Actual and standard price per unit is not given in question, So, we take it as 1 per unit for the purpose of understanding.
Quantity
Price
Cost
Standard
200*10 = 2000
1.00
2000
Actual
1900
1.00
1900
Quantity Variance
100
1.00
100
Work in process inventory Dr 1900
Direct materials quantity variance Dr 100
Direct materials inventory Cr 2000
Quantity
Price
Cost
Standard
2450
48.50
2450*48.50 = 118825
Actual
2450
52
2450*52 = 127400
Price Variance
2450
3.50
8575
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