Bliny Corporation makes a product with the following standard costs for direct material and direct labor Direct material 2 50 meters at $3 60 per meter $ 9 00 Direct labor 0 55 hours at $12 50 per hour $ 6 88 During the most recent month, 4,800 units were produced The costs associated with the months production of this product were as follows Material purchased 13,300 meters at $3 20 per meter $ 42,560 Material used in production 12,350 meters Direct labor 2,600 hours at $12 70 per hour $ 33,020 The standard cost variances for direct material and direct labor are Materials price variance 13,300 meters at $0 40 per meter F $ 5,320 F Materials quantity variance 350 meters at $3 60 per meter U $ 1,260 U Labor rate variance 2,600 hours at $0 20 per hour U $ 520 U Labor efficiency variance 40 hours at $12 50 per hour F $ 500 F Required 1 Prepare the journal entry to record the purchase of materials on account for the month (If no entry is required for a transaction event, select No journal entry required in the first account field ) Answer is not complete Debit Transaction General Journal Credit 1 Raw materials Materials price variance Accounts payable 2 Prepare the journal entry to record the use of materials for the month (lf no entry is required for a transaction event, select No journal entry required in the first account field ) Answer is not complete Debit Transaction General Journal Credit 1 Work in process Materials quantity variance Raw materials 3 Prepare the journal entry to record the incurrence of direct labor cost for the month (lf no entry is required for a transaction event, select No journal entry required in the first account field )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 11, 2024

Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Direct material: 2.50 meters at $3.60 per meter $

Bliny Corporation makes a product with the following standard costs for direct material and direct labor:


Direct material: 2.50 meters at $3.60 per meter	$	9.00
Direct labor: 0.55 hours at $12.50 per hour	$	6.88

During the most recent month, 4,800 units were produced. The costs associated with the months production of this product were as follows:


Material purchased: 13,300 meters at $3.20 per meter	$	42,560
Material used in production: 12,350 meters
Direct labor: 2,600 hours at $12.70 per hour	$	33,020

The standard cost variances for direct material and direct labor are:


Materials price variance: 13,300 meters at $0.40 per meter F	$	5,320	F
Materials quantity variance: 350 meters at $3.60 per meter U	$	1,260	U
Labor rate variance: 2,600 hours at $0.20 per hour U	$	520	U
Labor efficiency variance: 40 hours at $12.50 per hour F	$	500	F

Required:

Prepare the journal entry to record the purchase of materials on account for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

image text in transcribed

Answer is not complete Debit Transaction General Journal Credit 1 Raw materials Materials price variance Accounts payable 2. Prepare the journal entry to record the use of materials for the month. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete Debit Transaction General Journal Credit 1 Work in process Materials quantity variance Raw materials. 3. Prepare the journal entry to record the incurrence of direct labor cost for the month. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.)