Interpreting journai entries Following are journal entries that were recorded to assign direct materials and direct labor
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Interpreting journai entries Following are journal entries that were recorded to assign direct materials and direct labor to production for one week:
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Work in Process, Labor. Labor Rate Variance Labor Efficiency Variance Payroll Payable .... Work in Process, Materials .. Material Quantity Variance Raw Materials Inventory... REQUIRED a. What is the standard cost of labor? b. Is the labor rate variance favorable or unfavorable? c. What is the actual cost of labor? d. Was the total labor variance favorable or unfavorable? e. What is the standard cost of the standard quantity of material? f. What is the standard cost of materials used? g. Is the material variance favorable or unfavorable? 55,890 1,280 1,650 55,520 47,300 1,960 45,340
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