Problem 8 Material and Labor Variance Journal Entries Clyette Corporation uses a standard cost system and standard costs for direct materials and direct labor. has the following 2.5 meters @ P14 per meter 1.6 hours @ P8 per hour Direct materials: P35.00 Direct labor P12.80 During the month of February, 15,000 units were produced. The costs related to the production of the product were as follows: • 50,000 meters of materials were purchased at a cost of P13.80 per meter. 40,000 meters of materials were used. 25,000 direct labor hours were used at a cost of P8.60 per hour. Required: Prepare the journal entries to record the purchased of materials, used of materials and labor incurrence.

Problem 8 Material and Labor Variance Journal Entries Clyette Corporation uses a standard cost system and standard costs for direct materials and direct labor. has the following 2.5 meters @ P14 per meter 1.6 hours @ P8 per hour Direct materials: P35.00 Direct labor P12.80 During the month of February, 15,000 units were produced. The costs related to the production of the product were as follows: • 50,000 meters of materials were purchased at a cost of P13.80 per meter. 40,000 meters of materials were used. 25,000 direct labor hours were used at a cost of P8.60 per hour. Required: Prepare the journal entries to record the purchased of materials, used of materials and labor incurrence.

Name: Problem 8 Material and Labor Variance Journal EntriesClyette Corporat
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Description: Problem 8 Material and Labor Variance Journal EntriesClyette Corporation uses a standard cost system and has the followingstandard costs for direct materials and direct labor.Direct materials:Direct labor2.5 meters @ P14 per meter1.6 hours @ P8 per

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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