best company uses a standard cost system and reports the following information for 2018:

best company reported the following variances:

best lroduced 1000 units of finished product in 2018

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 Read the reguitements M Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit sir sin 75 t to -3-23 (similar to) Question Help est Company uses a standard cost system and reports the following information 2018 Best Company reported the following variances (Click the icon to view the variances) Beslataduced 1.000 units of finished product in 2018 Data Table R Data Table pted $1350 375 F 850 F Standards 3 yards of cloth per unit at 51 25 per yard 2 direct labor hours per unit at $10 25 per hour Overhead allocated at $500 per direct labor hour Actual 2,700 yards of cloth were purchased at 51.30 per yard Employees worked 1.700 hours and were paid 59 75 per hour Actual variable overhead was $4,000 Actual fixed overhead was 54,400 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 3,075F 1,400 U 1.400 F 100 U 1.700 F Print Done Print Done 62 Choose from any list or enter any number in the input neds and then click Check Answer 0 Requirements w Record the journal 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 journal 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.) Print Done per unit at $1.25 per yard urs per unit at $10 25 per hour ated at $5.00 per directlabor hour Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance