Required:Post the journal entries prepared above to the appropriate T-accounts below. Be sure to select from the dropdown menu thetransaction number associated with each amount posted.Raw-Material InventoryDirect-Material Purchase Price VarianceWork-in-Process InventoryDirect-Material Quantity VarianceAccounts PayableDirect-Labor Rate VarianceWages PayableDirect-Labor Efficiency VarianceCost of Goods Sold 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.Direct Labor:Direct Material:Quantity, 0.10 hourQuantity, 3 kilogramsPrice, $0.30 per kilogramRate, $5.00 per hourActual material purchases amounted to 34,000 kilograms at $0.325 per kilogram. Actual costs incurred in the productionof 10,000 units were as follows:Direct labor:$6,120 for 1,200 hoursDirect material:$10,075 for 31,000 kilograms

Given, Actual Production = 10,000 units Direct Material Standard Price = $0.30 per kg

Answered: Required information [The following…

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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" 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. 1 Direct Labor: Quantity, 8.14 hour Rate, $7.00 per hour i 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: Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculations.) View transaction list View journal entry worksheet No 1 2 3 4 Transaction 1 Direct Material: Quantity, 7 kilograms Price, $0.38 per kilogram 2 3 $22,338 for 3,060 hours $55,845 for 131,400 kilograns 4 General Journal Direct-material purchase price…
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
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
Aqua Company Ltd manufactures recyclable soft drink cans. A unit of production is a case oftwelve (12) dozen cans. The following standards have been set by the production engineeringstaff and the management accountant:Direct Material $3.12Quantity 4 kgPrice $0.78 per kgDirect Labour $4.025Quantity 0.25 hourRate $16.10 per hourActual costs incurred in the production of 50,000 units were as follows:Direct Material $170,100 for 210,000 kgDirect Labour $210,600 for 13,000 hoursAll materials were purchased during this time period.Required:a) Use the variance formulas to calculate the direct material price and quantity variances andthe direct labour rate and efficiency variances. Indicate whether each variance is favourableor unfavourable
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.
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
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 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…
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…
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 Hours Standard Price or Rate Standard Cost Direct materials 7.40 pounds $ 2.30 per pounds $ 17.02 Direct labor 0.90 hours $ 8.50 per hour $ 7.65 During the most recent month, the following activity was recorded: a. 21,500 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 2,000 hours of direct labor time were recorded at a total labor cost of $21,000. Required: 1. Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) 2. Compute the labor rate and efficiency variances for the month.…

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