Cost and production data for King-Size Products Inc. follow:

During the month, 850 units were sold at $60 each.

Required:
1. Make general journal entries to record all transactions and variances. Use the two variance method for overhead variance analysis. units and the variances for materials, labor, and factory overhead.)
2. Prove the ending balances of Work in Process in both departments.
3. Prove that all costs have been accountedfor.

Transcribed Image Text:

Standard Cost Sheet (Normal capacity-1,000 units) Mixing Blending Total Materials: I-2 lb $2 per lb.... s 4 S 2 S 6 Labor 20 32 Factory overhead (per standard labor hour) Fixed Variable $2 $1 (2 hr per unit).... 10 $30 $18 ー Production Report Mixing Blending None 900 100 1/2 ne 200 1/2 Actual Cost Data Mixing Blending Direct materials used: 4,715 I-1850 lb. Direct labor . 1,813 21,930 11,800 Factory overhead: 500 1,000 33 345 $17,363