Great Company uses a standard cost zystem and reports the following information for 2024 Groat Cormpany reported the following variances (Click the icon to view the information) f (Click the icon to view the variances ) Greaid prodoced 1,000 units of finished product in 2024 Read the ceguirementa Data table Standards: 3 yards of cloth per unit at $1.30 per yard 2 direct labor hours per unit at $11.50 per hour Overhead allocated at $6.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.35 per yard Employees worked 1,600 hours and were paid $11.00 per hour Actual variable overhead was $2,000 Actual fixed overhead was $8,000 Data table \begin{tabular}{|lr} \hline Direct materials cost variance & $140U \\ Direct materials efficiency variance & 260F \\ Direct labor cost variance & 800F \\ Direct labor efficiency variance & 4,600F \\ Variable overhead cost variance & 900U \\ Variable overhead efficiency variance & 900F \\ Fixed overhead cost variance & 500U \\ Fixed overhead volume variance & 2,500F \\ \hline \end{tabular} Requirements Record the joumal entries for 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 for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Overhead Raw Materials Inventory Variable Overhead Cost Variance by journali Variable Overhead Efficiency Variance Wages Payable Work-in-Process Inventory Great Company uses a standard cost zystem and reports the following information for 2024 Groat Cormpany reported the following variances (Click the icon to view the information) f (Click the icon to view the variances ) Greaid prodoced 1,000 units of finished product in 2024 Read the ceguirementa Data table Standards: 3 yards of cloth per unit at $1.30 per yard 2 direct labor hours per unit at $11.50 per hour Overhead allocated at $6.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.35 per yard Employees worked 1,600 hours and were paid $11.00 per hour Actual variable overhead was $2,000 Actual fixed overhead was $8,000 Data table \begin{tabular}{|lr} \hline Direct materials cost variance & $140U \\ Direct materials efficiency variance & 260F \\ Direct labor cost variance & 800F \\ Direct labor efficiency variance & 4,600F \\ Variable overhead cost variance & 900U \\ Variable overhead efficiency variance & 900F \\ Fixed overhead cost variance & 500U \\ Fixed overhead volume variance & 2,500F \\ \hline \end{tabular} Requirements Record the joumal entries for 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 for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Overhead Raw Materials Inventory Variable Overhead Cost Variance by journali Variable Overhead Efficiency Variance Wages Payable Work-in-Process Inventory
