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Hello! I am studying Advanced Managerial Accounting at Maryville University in Saint Louis, MO. I am currently using McGraw Hill ISBN 9781264464791 Edition: 7th. I
Hello! I am studying Advanced Managerial Accounting at Maryville University in Saint Louis, MO. I am currently using McGraw Hill ISBN 9781264464791 Edition: 7th. I am stuck on answering a question in my homework regarding the journal entries for materials and direct labor and all accompanying variances. I am currently working on Chapter 16 Variance Analysis on Question #3 of the homework. This is for the River Plant of Carlisle problem. Basically, I am stuck on the Section C portion of the problem involving the journal entry. This is the page in question, and what the journal entry looks like. Please assist. I can be reached at 314-537-7993 (cell) or via email at tmazurek1@live.maryville.edu. Thanks! Teresa Mazurek at Maryville University, Saint Louis, MO
Complete this question by entering your answers in the tabs below. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to Cost of Goods Sold at the end of the operating period. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record entry for direct material costs payable and material variances. Note: Enter debits before credits. The River Plant of Carlisle, Incorporated produces a particular metal fixture used in aerospace and maritime industries. The following information is available for the last operating month: - The plant produced and sold 29,164 fixtures for $72 each. Budgeted production was 30,000 fixtures. - Standard variable costs per fixture follow: Required: a. Prepare a cost variance analysis for each variable cost for the River Plant. b. Prepare a fixed overhead cost variance analysis. c. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to Cost of Goods Sold at the end of the operating period
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