Accounts Payable Data Table Data Table Data Table Diredt materials $ 4,820 U 1,8

Question

Accounts Payable Data Table Data Table Data Table Diredt materials $ 4,820 U 1,800 U $4,600 F 57,800 U 52,760 U Purchased 23,100 pounds at a cost of $3.20 por pound; usod 22,800 pounds to produce 2,000 pots Worked 2.3 hours per flower pot (4,600 total DLH) at a cost of $12.00 per hour Direct materials price variance Direct materials quantity variance Direct materials (rosin). 11 pounds por pot at a cost of $3.00 Direct labor.. per pound Direct labor rate variance Direct labor efficiency variance Variable overhead rate variance Variable ovorhead officioncy variaco $1,200 U Fixed overhead budget varianco Fxed oerhead volumo varianco Direct labor 20 hours at a cost of $13.00 per hour Standard variable manufacturing Actual variable manufacturing overhead..$2.60 per direct labor hour for total overhead rato Budgeted foxed manufacturing overhead Slandard fixed MOH rale $2.00 por diroct labor hour $46,000 $12.00 per direct labor hour (DLH) actual variable manufacturing overhead of $11,960 $45,700 5300 F 52,000 F Actual fixed manufacturing ovorhoad Standard fixed manufacturing overhead allocated based on actual production PrintDone 548,000 PrintDone

Explanation / Answer

Note: Though explanations are not required, the same have been provided for understanding of the transaction being recorded and the order in which the transactions have been recorded. Kindly omit the explanations in your submission.

Account Titles and Explanation Debit Credit Raw materials inventory 69300 DM price variance 4620 Accounts payable/Cash (23100 x $3.20) 73920 (To record purchase of raw materials) Work in process inventory 66000 DM quantity variance 1800 Raw materials inventory (22600 x $3) 67800 (To record raw materials used) Work in process inventory 52000 DL efficiency variance 7800 DL rate variance 4600 Wages payable (4600 x $12) 55200 (To record direct labor costs incurred) Variable and Fixed Manufacturing Overheads 11960 Accounts payable/Cash 11960 (To record variable manufacturing overheads incurred) Variable and Fixed Manufacturing Overheads 45700 Accounts payable/Cash 45700 (To record fixed manufacturing overheads incurred) Work in process inventory (4000 x $2) 8000 Variable and Fixed Manufacturing Overheads 8000 (To record variable manufacturing overheads allocated) Work in process inventory 48000 Variable and Fixed Manufacturing Overheads 48000 (To record fixed manufacturing overheads allocated) Variable overhead rate variance 2760 Variable overhead efficiency variance 1200 Fixed overhead budget variance 300 Fixed overhead volume variance 2000 Variable and Fixed Manufacturing Overheads 1660 (To close the manufacturing overheads account) Finished goods inventory 174000 Work in process inventory 174000 (To record goods completed and transferred) Accounts receivable 1080000 Sales revenue (2000 x $540) 1080000 (To record sales on account) Cost of goods sold 174000 Finished goods inventory 174000 (To record the cost of the goods sold)

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

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