23

Idk what numbers to put here I put 7000

there are more tables to be done

thanks

Best Company uses a standard cost system and reports the following information for 2018: (Click the icon to view the information.) Best Company reported the following variances: Click the icon to view the variances.) Best produced 1.000 units of finished product in 2018 Data Table Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a sin Date Accounts and Explanation Debit Credit Raw Materials Inventory 2,645 Direct Materials Cost Variance Accounts Payable 2,780 115 Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $11.00 per hour Overhead allocated at $5.00 per direct labor hour Actual 2.300 yards of cloth were purchased at $1.20 per yard Employees worked 1.300 hours and were paid $10.50 per hour Actual variable overhead was $2.400 Actual fixed overhead was S5 100 Debit Purchased direct materials. Now journalize the usage of direct materials including the related variance. (Prepare a single compound joume Date Accounts and explanation Work-in-Process Inventory Direct Materials Efficiency Variance Raw Materials inventory Credit 3,450 805 2,645 Print Done Used direct materials Journalize the incurrance and assignment of direct labor costs, including the related variances. (Prepare a se Date Accounts and Explanation Debit Credit Work-in-Process Inventory 22,000 Direct Labor Cost Variance 650 Direct Labor Efficiency Variance 7.700 Wages Payable 13,650 Direct labor costs incurred Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance $115 U 805 F 850 F 7.700 F 900 U 900 F 700 U 3,200 F Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance 900 F 700 U 3,200 F Date Print Done Journalize the incurrance and assignment of direct labor costs, including the related variances. (Prepare Accounts and Explanation Debit Credit Work-in-Process Inventory 22.000 Direct Labor Cost Variance 850 Direct Labor Efficiency Variance 7.700 Wages Payable 13,850 Direct labor costs incurred Journalize the entry to show the actual manufacturing overhead costs incurred. Date Accounts and Explanation Debit Credit Manufacturing Overhead 7.500 Various Accounts 7,500 Record the joumal entries to record direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production and all goods produced were sold). Record the joumal entries to record the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Manufacturing overhead costs incurred Print Done Credit Record the overhead allocated to Work-in-Process Inventory. Date Accounts and Explanation Work-in-Process Inventory Manufacturing Overhead Debit 7000 7000 Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $11.00 per hour Overhead allocated at $5.00 per direct labor hour Actual 2,300 yards of cloth were purchased at $1.20 per yard Employees worked 1,300 hours and were paid $10.50 per hour Manufacturing overhead costs allocated