help with part h cost of good sold

Sheffield, Inc. is known throughout the world for its H20-X high-capacity water pump, used in irrigation systerns. The company uses a standard costing system, and the pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,400 direct labor hours per month. Standard Price Standard Quantity Standard Cost $105 15 pounds 4 DUH 36 Direct materials $7 per pound Direct labor $9 per DLH Variable overhead 59per DLH Fard overhead $4 per DUH 4 DLH 36 4 DLH 16 $193 During the month of September, the comparty produced 22.200 of the 25.100 pumps that had been scheduled for production in the budget. The company used 383.500 pounds of material during September. The direct labor payroll for the month was 5964,600 for 96.460 direct labor hours. Variable overhead costs were $857.540; foved overhead costs were 5435,000. The company's purchasing agent signed a new supply contract that resulted in purchases of 480.000 pounds of direct materials at a price of $3,216,000. (a) Prepare the journal entries to record the purchase and use of direct materials during September. (Credit account tiltles ore automatically indented when amount is entered. Do not indent manually No. Account Titles and Explanation Credit Raw Materials inventory Debit 1. 3360000 Actress Pava 3216000 Oct Material Price Valance 164000 to record the purchase of material 2. Direct Materials Quantity Variance 353500 Work in Process Inventory 2331000 Raw Materials Inventory 2684500 (To record the use of material) (b) Prepare the journal entry to record the use of direct labor during September. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Work in Process Inventory 799200 Direct Labor Efficiency Variance 68940 Direct Labor Rate Variance 96460 Wages Payable 964600 (To record direct labor (c) Prepare the journal entry to record actual variable overhead costs incurred. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and explanation Credit Manufacturing Overhead Debit 857540 Accounts Payable 357540 (To record actual variable manufacturing overhead) Indented when amount is entered. Do not indent manually Debit Credit Account Titles and Explanation Work in Process Inventory 799200 299200 Manufacturing Overhead (To record applied variable manufacturing overhead) (e) Prepare the journal entry to record actual foed overhead costs incurred. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Manufacturing Overhead 435000 Accounts Payable 435000 (To record actual fred manufacturing overhead) Prepare the journal entry to record the application of freed overhead to production, Credit account titles are automatically indented when amount is entered. Do not Indent manually) Account Titles and Explanation Debit Credit Work in Processory 355200 Muuning Overhead 355200 To record applied food manufacturing overhead) (8) Prepare the journal entries to record the variable and fixed overhead variances. (Credit account titles are automatically indented when amount is entered. Do not indent manually Debit Credit No. Account Titles and Explanation Variable Overhead Efficiency Variance 1. 68940 Manufacturing Overhead 58340 10600 Variable Overhead Spending Variance (To record variable overhead variances) Fixed Overhead Spendine Variance 2. 33400 Fixed Overhead Volume Variance 16400 . 79800 Manufacturing Overhead (To record foved overhead variances) th) Prepare the journal entry to close all variances to Cost of Goods Sold. (Credit account titeles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Debit Credit Cost of Goods Sold Direct Materia Price Variance 144000 Variable Overad Spending Variance 10500 LAPSE DirectLabor Rate Valence 9440 Direct Maths Quantity Variance 353500 ht