exercise 11-21 Lopez

Lopez Company uses a standard cost accounting system. Some of the ledger accounts have been destroyed in a fire. The controller asks your help in reconstructing some missing entries and balances. Answer the following questions. Materials Price Variance shows a $2, 300 unfavorable balance. Accounts Payable shows $126, 800 of raw materials purchases. What was the amount debited to Raw Materials Inventory for raw materials purchased? Raw materials purchased $ Materials Quantity Variance shows a $3, 500 favorable balance. Raw Materials Inventory shows a zero balance. What was the amount debited to Work in Process Inventory for direct materials used? Direct materials used $ Labor Price Variance shows a $1, 600 favorable balance. Factory Labor shows a debit of $142,000 for wages incurred. What was the amount credited to Factory Wages Payable? Wages Payable $ Factory Labor shows a credit of $142,000 for direct labor used. Labor Quantity Variance shows a $970 favorable balance. What was the amount debited to Work in Process for direct labor used? Direct labor used $ Overhead applied to Work in Process totaled $166,000. If the total overhead variance was $1, 600 favorable, what was the amount of overhead costs debited to Manufacturing Overhead? Manufacturing Overhead $