A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per lb. 3 hrs. @ $16 per hr. 3 hrs. @ $12 per hr. Actual 47,200 lbs. @ $8.20 per lb. 23,100 hrs. @ $16.50 per hr. $287,700 7,800 Exercise 21-9 Direct materials variances LO P3 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost $ 0 $ 0 $ ool A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per lb. 3 hrs. @ $16 per hr. 3 hrs. @ $12 per hr. Actual 47,200 lbs. @ $8.20 per lb. 23,100 hrs. @ $16.50 per hr. $287,700 7,800 Exercise 21-10 Direct labor variances LO P3 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost $ 0 $ 0 $ 0 0 (The following information applies to the questions displayed below.) Hart Company made 3,040 bookshelves using 22,040 board feet of wood costing $271,092. The company's direct materials standards for one bookshelf are 8 board feet wood at $12.20 per board foot. Exercise 21-14A Recording and closing materials variances LO P6 Hart Company uses a standard costing system. (1) Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. (2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. View transaction list Journal entry worksheet Record price and quantity variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 296,704 2,204 Direct materials price variance Raw materials inventory Record entry Clear entry View general Journal (The following information applies to the questions displayed below.) Hart Company made 3,040 bookshelves using 22,040 board feet of wood costing $271,092. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12.20 per board foot. Exercise 21-14A Recording and closing materials variances LO PO Hart Company uses a standard costing system. (1) Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. (2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end. View transaction list Journal entry worksheet Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Direct materials price variance 27,816 Direct materials price variance Cost of goods sold Record entry Clear entry View general Journal
