"Required information[The following information applies to the questions displayed below]Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. Thefollowing standards have been set by the production-engineering staff and the controller.1Direct Labor:Quantity, 8.14 hourRate, $7.00 per houriActual material purchases amounted to 147,600 kilograms at $0.425 per kilogram. Actual costs incurred in the productionof 18,000 units were as follows:Direct labor:Direct material:Required:Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the firstaccount field. Do not round Intermediate calculations.)View transaction list View journal entry worksheetNo1234Transaction1Direct Material:Quantity, 7 kilogramsPrice, $0.38 per kilogram23$22,338 for 3,060 hours$55,845 for 131,400 kilograns4General JournalDirect-material purchase price varianceRaw-material inventoryAccounts payableWork-in-process inventoryDirect-material quantity varianceRaw-material inventoryDirect-labor rate varianceWork-in-process inventoryDirect-labor efficiency varianceWages payableCost of goods soldDirect-material quantity varianceDirect-labor efficiency varianceDirect-labor rate varianceDirect-material purchase price varianceDebit5.913Credit82,730Ⓒ

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Description: "Required information[The following information applies to the questions displayed below]Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. Thefollowing standards have been set by the pro

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Required information [The following information applies to the questions displayed below.] Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 8.14 hour Rate, $7.00 per hour Direct Material: Quantity, 7 kilograms Price, 30.38 per kilogram Actual material purchases amounted to 147,600 kilograms at $0.425 per kilogram. Actual costs incurred in the production of 18.000 units were as follows: Direct labor: Direct material: $22,338 for 3,060 hours $55,845 for 131,400 kilograms Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the first

Required information [The following information applies to the questions displayed below.] Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 8.14 hour Rate, $7.00 per hour Direct Material: Quantity, 7 kilograms Price, 30.38 per kilogram Actual material purchases amounted to 147,600 kilograms at $0.425 per kilogram. Actual costs incurred in the production of 18.000 units were as follows: Direct labor: Direct material: $22,338 for 3,060 hours $55,845 for 131,400 kilograms Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the first

FINANCIAL ACCOUNTING

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Required information [The following information applies to the questions displayed below.] Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.10 hour Rate, $5.00 per hour Quantity, 3 kilograms Price, $0.30 per kilogram Actual material purchases amounted to 34,000 kilograms at $0.325 per kilogram. Actual costs incurred in the production of 10,000 units were as follows: Direct labor: $6,120 for 1,200 hours Direct material: $10,075 for 31,000 kilograms Required: Post the journal entries prepared above to the appropriate T-accounts below. Be sure to select from the dropdown menu the transaction number associated with each amount posted. my professor said that it's not 10,200 like i initially thought Raw-Material Inventory Direct-Material Purchase Price Variance 1. 10,200 ??????? 2. 1. 850 850…
Required information [The following information applies to the questions displayed below.] Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.10 hour Quantity, 3 kilograms Price, $0.30 per kilogram Rate, $5.00 per hour Actual material purchases amounted to 34,000 kilograms at $0.325 per kilogram. Actual costs incurred in the production of 10,000 units were as follows: Direct labor: $6,120 for 1,200 hours Direct material: $10,075 for 31,000 kilograms
Ingabire Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.29 hour Quantity, 8 kilograms Rate, $14.50 per hour Price, $0.68 per kilogram Actual material purchases amounted to 412,800 kilograms at $0.700 per kilogram. Actual costs incurred in the production of 48,000 units were as follows: Direct labor: $228,096 for 15,360 hours Direct material: $273,840 for 391,200 kilograms Required: Post the journal entries prepared above to the appropriate T-accounts below. (a) Raw Material inventory (b) Work-in-process Inventory (Accounts Payable (d) Wages Payable (e)direct labour rate variance (f)direct material quantity variance (g) direct labour efficiency variance
Mirembe PLC manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.29 hour Quantity, 8 kilograms Rate, $14.50 per hour Price, $0.68 per kilogram Actual material purchases amounted to 412,800 kilograms at $0.700 per kilogram. Actual costs incurred in the production of 48,000 units were as follows: Direct labor: $228,096 for 15,360 hours Direct material: $273,840 for 391,200 kilograms Required: post the above journal entries to the relevant t-accounts listed below: Raw Material inventory Work in process inventory Accounts payable Wages payable Cost of goods sold Direct material purchase variance Direct material quantity variance Direct labour rate variance Direct labour efficiency variance
Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.28 hour Quantity, 7 kilograms Rate, $14.00 per hour Price, $0.66 per kilogram Actual material purchases amounted to 340,400 kilograms at $0.690 per kilogram. Actual costs incurred in the production of 46,000 units were as follows: Direct labor: $197,340 for 13,800 hours Direct material: $225,354 for 326,600 kilograms
Indege PLC manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.29 hour Quantity, 8 kilograms Rate, $14.50 per hour Price, $0.68 per kilogram Actual material purchases amounted to 412,800 kilograms at $0.700 per kilogram. Actual costs incurred in the production of 48,000 units were as follows: Direct labor: $228,096 for 15,360 hours Direct material: $273,840 for 391,200 kilograms Required: Post the journal entries prepared above to the appropriate T-accounts. (1)Raw Material inventory (2) Work-in-process Inventory (3) accounts payable (4)Wages payable (5) Cost of goods sold (6) Direct Material Purchase Price variance (7) Direct Material Quantity variance (8) Direct Labour Rate Varianxce (9) Direct labour efficiency varianxe
Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct labor: Direct material:Quantity, .25 hour Quantity, 4 kilogramsRate, $16 per hour Price,$.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as follows:Direct labor: $211,900 for 13,000 hoursDirect material: $170,100 for 210,000 kilograms Prepare journal entries to:1. Record the purchase of direct material on account.2. Add direct-material and direct-labor cost to Work-in-Process Inventory.3. Record the direct-material and direct-labor variances.4. Close these variances into Cost of Goods Sold.
Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct labor: Direct material:Quantity, .25 hour Quantity, 4 kilogramsRate, $16 per hour Price, $.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as follows:Direct labor: $211,900 for 13,000 hoursDirect material: $170,100 for 210,000 kilograms Refer to the data given above. Use diagrams similar to those in Exhibits 10-2, 10–3, and 10–4 to determine the direct-material and direct-labor variances. Indicate whether each variance is favorable or unfavorable.
Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct labor: Direct material:Quantity, .25 hour Quantity, 4 kilogramsRate, $16 per hour Price, $.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as follows:Direct labor: $211,900 for 13,000 hoursDirect material: $170,100 for 210,000 kilograms Required:1. Use the variance formulas to compute the direct-material price and quantity variances, the directmaterial purchase price variance, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.2. Build a spreadsheet: Construct an Excel spreadsheet to solve the preceding requirement. Show how the solution will…
Athena Can Company manufactures recyclable soft-drink cans. A unit ofproduction is a case of 12 dozen cans. The following standards have beenset by the production-engineering staff and the controller. Direct Labour: Direct Material:Quantity .25 hour Quantity, 4 kilogramsRate, $16 per hour Price, $0.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram.Actual costs incurred in the production of 50,000 units were as follows: Direct Labour: $211,900 for 13,000 hoursDirect Material: $170,100 for 210,000 kilograms REQUIRED:(a) Use the variance formulas to compute the direct-material price and quantityvariances and the direct-labour rate and efficiency variances. Indicate whethereach variance is favourable or unfavourable.(Hilton, p. 480, 9-30)(b) Refer to the data in the preceding exercise. Use diagrams similar to those in Figures6.1 and 6.2 to…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Standard Price Standard Hours or Rate Cost Direct materials 7.90 pounds $2.10 per pound $5.00 per hour $16.59 Direct labor 0.50 hours $ 2.50 During the most recent month, the following activity was recorded: a. 14,850.00 pounds of material were purchased at a cost of $2.00 per pound. b. All of the material purchased was used to produce 1,500 units of Zoom. c. 600 hours of direct labor time were recorded at a total labor cost of $4,200. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations to…
Required information EX 10-22, 23 (Algo) Use the following information for the Exercises below. Saskatchewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.26 hour Rate, $13.00 per hour Direct Material: Quantity, 5 kilograms Price, $0.62 per kilogram Actual material purchases amounted to 243,600 kilograms at $0.65 per kilogram. Actual costs incurred in the production of 42,000 units were as follows: Direct labor: Direct material: $160,776 for 12,180 hours $141,960 for 218,400 kilograms EX 10-22 (Algo) Part 1: Use the variance formulas to compute the direct-material price and quantity variances... Required: 1. Use the variance formulas to compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Indicate whether each…