Journalize Standard Cost Entries Encinas Company produced 2,300 units that require 6 standard pounds per unit at $1.75 standard price per pound. The company actually used 13,600 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. Work in Process ✓ Direct Materials Quantity Variance✔ Materials ✓
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- Standard Cost Journal Entries Bellingham Company produced 5,900 units that require 12 standard pounds per unit at a $10 standard price per pound. The company actually used 73,600 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.Standard Cost Journal Entries Dvorak Company produced 4,900 units that require 14 standard pounds per unit at $11 standard price per pound. The company actually used 67,200 pounds in production. Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank.Standard Cost Journal Entries Alvarado Company produced 5,500 units that require eight standard pounds per unit at a $3.50 standard price per pound. The company actually used 45,800 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. 000
- Standard Cost Journal Entries Bellingham Company produced 2,000 units that require five standard pounds per unit at a $6.5 standard price per pound. The company actually used 10,200 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.Required information Skip to question [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (4.0 pounds @ $5.00 per pound) $ 20.00 Direct labor (1.8 hours @ $12.00 per hour) 21.60 Overhead (1.8 hours @ $18.50 per hour) 33.30 Standard cost per unit $ 74.90 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory’s capacity of 20,000 units per month. Following are the company’s budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 Total variable overhead costs 135,000 Fixed overhead costs Depreciation—Building 23,000 Depreciation—Machinery 71,000 Taxes and insurance 18,000 Supervisory salaries 252,500 Total fixed overhead costs 364,500…Standard Cost Journal Entries Alvarado Company produced 2,800 units that require nine standard pounds per unit at a $10.50 standard price per pound. The company actually used 26,000 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
- Required information Skip to question [The following information applies to the questions displayed below.] Eagle Company uses a standard cost system that has provided the following data: Units of output manufactured: 85 Direct labor: Standard hours allowed: 2 hours per unit of product Standard wage rate: $17.00 per hour Actual direct labor: 190 hours, total cost of $3,610 The journal entry to record the cost of direct labor used in this period includes: Multiple Choice A debit to Work in Process Inventory of $3,230. A debit to Work in Process Inventory of $2,890. A credit to Direct Labor Rate Variance of $380. A credit to Direct Labor Rate Variance of $340.keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Print Item Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard %3D Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,100 ladders in July and used 9,200 pounds of material to make these units. Sitka Industries bought 15,600 pounds of material in the curr period. There was a $300 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,600 pounds? Amount paid B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. What if 9,800 pounds were used to make these…The standard cost sheet for a product is shown.(Pleasee see attachment for original question overview) Manufacturing Costs Standard price Standard Quantity Standard Costper unit Direct materials $4.50 per pound 5.50 pounds $24.75 Direct labor $12.15 per hour 2.10 hours $25.52 Overhead $2.40 per hour 2.10 hours $5.04 $55.31 The company produced 3,000 units that required: • 17,000 pounds of material purchased at $4.35 per pound • 6,200 hours of labor at an hourly rate of $12.45 per hour • Actual overhead in the period was $15,560 Fill in the Budget Performance Report for the period. Some amounts are provided. Round your answers to the nearest dollar. However, do not round your intermediate calculations. Budget Performance Report Manufacturing Costs:3,000 units ActualCosts StandardCosts Variance(Favorable)/Unfavorable Direct materials $73,950 $(fill in the blank) $(fill in the blank) Direct labor (fill in the blank) 76,545 (fill in the blank) Overhead…
- Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (cork board) 4.50 sq. ft. $ 2.60 per sq. ft. $ 11.70 Direct labor 1 hrs. $ 10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) 1 hrs. $ 0.75 per hr. 0.75 Fixed manufacturing overhead ($22,000 ÷ 110,000 units) 0.20 Bullseye has the following actual results for the month of September: Number of units produced and sold 90,000 Number of square feet of corkboard used 420,000 Cost of corkboard used $ 1,134,000 Number of labor hours worked 100,000 Direct labor cost $ 910,000 Variable overhead cost $ 74,000 Fixed overhead cost $ 56,000 Required:1. Calculate the direct materials price, quantity, and total spending variances for Bullseye.2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye.3. Calculate…Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (cork board) 2.00 sq. ft. $ 2.80 per sq. ft. $ 5.60 Direct labor 1 hrs. $ 10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) 1 hrs. $ 0.40 per hr. 0.40 Fixed manufacturing overhead ($69,000 ÷ 230,000 units) 0.30 Bullseye has the following actual results for the month of September: Number of units produced and sold 210,000 Number of square feet of corkboard used 440,000 Cost of corkboard used $ 1,276,000 Number of labor hours worked 219,000 Direct labor cost $ 1,992,900 Variable overhead cost $ 80,000 Fixed overhead cost $ 58,000 Required:1. Calculate the direct materials price, quantity, and total spending variances for Bullseye.2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye.3.…Puvd, Inc manulactures a single product in which varlable manufacturing overthead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product Standard Cost Standard Price Direct materials Direct labor Variable manufacturing overhead Standard Quantity 1.5 pounds 0.5 hours or Rate $ 6.75 per pound $21.00 per hour $ 5.00 per hour $ 10.12 $ 10.50 $ 2.50 0.5 hours During March, the following activity was recorded by the company: • The company produced 6,000 units during the month. A total of 12.500 pounds of material were purchased at a cost of $35.000. • There was no beginning inventory of materials on hand to start the month; at the end of the month, 2.500 pounds of material remainedhe warehouse • During March, 3.200 direct labor-hours were worked at a rate of $21.50 per hour. • Varlable manufacturing overhead costs during March totaled $8,200. The direct materials purchases variance…
