ele H JUIL. U7, UU12 15 E7-31 (book/static) Question Help Dawson, Inc. is a privately held furniture manufacturer. For August 2017, Dawson had the following standards for one of its products, a wicker chair (Click the icon to view the standards.) Click the icon to view the costs and variances for actual production option (Click the icon to view the costs and variances under the assumptions "option 2") Requirement Prepare joumal entries and post them to T-accounts for the price and efficiency variances Isted under the two options. Summarize how these journal entries differ from normal-costing entries Option 1 Prepare the journal entry for the direct materials price variance (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit Date 1. (a) con to view the costs and variances for actual production "option Requirement Prepare journal entries and post them to T-accounts for the price and efficiency variances listed under the two options. Summarize how these journal entries differ from normal-costing entries. 0 Standard Costs and Usage urnal entry for the Intries.) Direct materials Direct manufacturing labor Standards per chair 3 square yards of input at $5.50 per square yard 0.5 hour of input at $10.50 per hour Print Done Ince any list or enter any number in the input fields and then click Check Answer HW Score: U%, U of 2 pts ok/static) E Question Help m D noes under the assumptions "option a privately held furni g standards for one d son to view the standa on to view the costs 0 Option 1 pounts for the price and efficiency Jarize how these journal entries differ For August 2017, Dawson had the following costs and variances for actual production of 2,200 chairs, 6,200 square yards of input purchased and used: Option 1: Actual production mal entry for the dired uma entries.) Actual input Flexible Actual costs Budgeted price budget costs 35,340 $ 34,100 $ 36,300 9.844 9,660 11,550 Direct materials Direct manufacturing labor Price Efficiency variances variances $ $ Direct materials Direct manufacturing labor 1,240 U 184 U 2,200 F 1,890 F Incorrect: Print Done iny list or enter any Clear All Check Answer Inces under the assumptions "option 0 Option 2 standards for one o in to view the standa in to view the costs pounts for the price and efficiency arize how these journal entries differ The following variances are under the assumption that 8,700 square yards of materials were purchased, even though only 6,200 square yards were used. Suppose further that direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department mal entry for the dired mal entries Option 2: Increase in purchases Actual input Flexible Direct materials: Actual costs Budgeted price budget costs Purchasing 49,690 $ 47.850 Production 34,100 S 36,300 Price Efficiency variance Variance Incorrec Direct materials $ 1,740 U S 2,200 F Print Done list or enter any Clear All Check Answer Requirement Prepare journal entries and post them to T-accounts for the price and efficiency variances listed under the two options. Summarize how these journal entries differ from normal-costing entries