Rankin Fabrication reports the following information with respect to its direct materials: Rankin Fabrication holds no materials
Question:
Rankin Fabrication reports the following information with respect to its direct materials:
Rankin Fabrication holds no materials inventories.
Required
a. Prepare a short report for Rankin’s management showing direct materials price and efficiency variances.
b. Prepare the journal entries to record the purchase and use of the direct materials using standard costing.
Actual quantities of direct materials used....... Actual costs of direct materials used... Standard price per unit of direct materials Flexible budget for direct materials .... 33,600 gallons $186,480 $5.60 $196,000
Step by Step Answer:
a Report to management The total variance from the fl...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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