a. Purchased 2,450 units of copper tubing on account at $52.00 per unit . The standard price is 48.50 per unit . If an amount box does not require an entry ,leave it blank .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 . If an amount box does not require an entry, leave it blank . Recording Standards in AccountsCioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time themanufacturing costs are incurred. Journalize 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. If anamount box does not require an entry, leave it blank.а.b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubingare required, at standard, to produce one air conditioner. If an amount box does not require an entry, leave it blank.b.ОО‑

a. Record journal entry for 2,450 units of material purchased and variance as shown below:

Answered: Recording Standards in Accounts Cioffi…

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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a. Purchased 2,450 units of copper tubing on account at $52.00 per unit . The standard price is 48.50 per unit . If an amount box does not require an entry ,leave it blank .

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 . If an amount box does not require an entry, leave it blank .

Recording Standards in Accounts
Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the
manufacturing costs are incurred. Journalize 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. If an
amount box does not require an entry, leave it blank.
а.
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. If an amount box does not require an entry, leave it blank.
b.
ОО‑

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