Answered step by step
Verified Expert Solution
Question
1 Approved Answer
HELLO, THIS IS TIME-SENSITIVE AND GRADED ON ACCURACY; PLEASE SHOW THE ANSWERS IN THE EXACT CHART FORMAT THAT IS SUBMITTED IN THE IMAGES THANK YOU
HELLO, THIS IS TIME-SENSITIVE AND GRADED ON ACCURACY; PLEASE SHOW THE ANSWERS IN THE EXACT CHART FORMAT THAT IS SUBMITTED IN THE IMAGES
THANK YOU SO MUCH FOR YOUR HELP, I WILL DEFINITELY LEAVE A GOOD RATING FOR ACCURACY THANK YOU
INFORMATION FOR THE JOURNAL ENTRIES
Required information [The following information applies to the questions displayed below.] Saskatchewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, .19 hour Quantity, & kilograms Rate, $9.5@ per hour Price, $8.48 per kilogram Actual material purchases amounted to 229,600 kilograms at $0.550 per kilogram. Actual costs incurred in the production of 28,000 units were as follows: Direct labor: 459,094 for 5,880 hours Direct material: $1008,870 for 183,480 kilograms Required: Prepare the following journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required\" in the first account field. Do not round intermediate calculations. Journal entry worksheet Record the purchase of direct material on account and the direct-material purchase price variance. Mote: Enter debits before credits. Journal entry worksheet N Record the addition of direct-material cost to work-in-process inventory and the direct-material quantity variance. Note: Enter debits before credits. Transaction General Journal Debit Credit 2Journal entry worksheet A 2 Record the addition of direct-labor cost to work-in-process inventory and the direct-labor variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 3Journal entry worksheet Record the closing of the direct-material and direct-labor variances to cost of goods sold. Mote: Enter debits before creditsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started