1. Elise Company has the following materials-related data. • Standard usage for output: 2,000 pounds • Standard price: $2.00 per pound • Actual price: $2.20 per pound • Actual usage: 1,800 pounds • Actual purchases: 2,100 pounds Given these data, which of the following would be included in the single journal entry needed to record the materials placed into production (into Work In Process) and the resulting variance?

1. Elise Company has the following materials-related data. • Standard usage for output: 2,000 pounds • Standard price: $2.00 per pound • Actual price: $2.20 per pound • Actual usage: 1,800 pounds • Actual purchases: 2,100 pounds Given these data, which of the following would be included in the single journal entry needed to record the materials placed into production (into Work In Process) and the resulting variance?

Name: Hw.44. 1. Elise Company has the followingmaterials-relateddata.• Stand
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Description: Hw.44. 1. Elise Company has the followingmaterials-relateddata.• Standard usage for output: 2,000pounds• Standard price: $2.00 per pound• Actual price: $2.20 per pound• Actual usage: 1,800 pounds• Actual purchases: 2,100 poundsGiven these data, which

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 4P: Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2....

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Required information [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required 1 Required information your answers rounded to the nearest whole dollars.) Required 2 View transaction list Complete this question by entering your answers in the tabs below. Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date May 31 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May…