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help plz! make sure answer isnt cut off. 6-23 Data table Standards: 3 yards of cloth per unit at $1.00 per yard 2 direct labor
help plz! make sure answer isnt cut off. 6-23
Data table Standards: 3 yards of cloth per unit at $1.00 per yard 2 direct labor hours per unit at $15.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,700 yards of cloth were purchased at $1.05 per yard Employees worked 1,200 hours and were paid $15.00 per hour Actual variable overhead was $2,300 Actual fixed overhead was $3,200 - Data table $135 U Direct materials cost variance 300 F Direct materials efficiency variance 600 F Direct labor cost variance 12,400 F 1,300 U Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance 1,300 F 100 U 2,600 F Fixed overhead volume variance Requirements Record the journal 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.) - All-Star Company uses a standard cost system and reports the following information for 2024 Click the icon to view the information.) All-Star Company reported the following variances: Click the icon to view the variances) All-Star produced 1,000 units of finished product in 2024 Read the requirements Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry) Accounts and explanation Date Debit Credit Actual quantity of material used X Standard cost 11 Total cost at standard Calculate the actual cost of the materials purchased. X Actual cost Total actual cost of materials Actual quantity of material used 2,500 Date Accounts and Explanation Debit Credit X - Standard cost Standard quantity of direct Inaterials Standard cost of direct materials $ 1.15 journal entry) Debit Credit Date Accounts and Explanation calculate the standard quantities at standard costs. Standard quantity of direct labor hours Standard cost = Standard cost of labor Now, calculate the actual quantities at actual prices. Actual quantity of labor used Actual cost Actual cost of labor Date Debit Accounts and Explanation Credit -o ahead and joumalize the entry to show the actual manufacturing overhead costs incurred. Date Accounts and Explanation Debit Credit Debit Credit Date Accounts and Explanation Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit volume variances will be recorded with credits. (Prepare a single compound journal entry.) Debit Credit Date Accounts and Explanation HA Step by Step Solution
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