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.
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- 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 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.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.
- 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. 000Standard Cost Journal Entries Dvorak Company produced 6,400 units that require 8 standard pounds per unit at $5.5 standard price per pound. The company actually used 52,200 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. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9Required 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.
- 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 Bellingham Company produced 15,000 units that require 2.5 standard pounds per unit at a 3.75 standard price per pound. The company actually used 36,000 pounds in production. Journalize the entry to record the standard direct materials used in production.Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
- The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?High-End Products Inc. uses a standard cost system in accounting for the cost of production of its only product, Swank. The standards for the production of one unit of Swank follow: Direct materials: 10 feet of Class at $.75 per foot and 3 feet of Chic at $1.00 per foot. Direct labor: 4 hours at $12.00 per hour. Factory overhead: applied at 150% of standard direct labor costs. There was no beginning inventory on hand at July 1. Following is a summary of costs and related data for the production of Swank during the following year ended June 30: 100,000 feet of Class were purchased at $.72 per foot. 30,000 feet of Chic were purchased at $1.05 per foot. 8,000 units of Swank were produced that required 78,000 feet of Class, 26,000 feet of Chic, and 31,000 hours of direct labor at $11.80 per hour. 6,000 units of product Swank were sold. On June 30, there are 22,000 feet of Class, 4,000 feet of Chic, and 2,000 completed units of Swank on hand. All purchases and transfers are “charged in” at standard. Required: Calculate the following, using the formulas on pages 421–422 and 424 and compute the materials variances for both Class and Chic: Materials quantity variance. Materials purchase price variance. Labor efficiency variance. Labor rate variance.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.…