Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I also need the journal entries to record standard costing information for November. Piedmont Manufacturing produces metal products with the following standard quantity and cost

image text in transcribedimage text in transcribed

I also need the journal entries to record standard costing information for November.
Piedmont Manufacturing produces metal products with the following standard quantity and cost information: Direct Material Aluminum 4 sheets $4 16 3 Sheets $8 Copper 24 Direct labor 7 hours @$16 112 5 machine hours $6 Variable overhead 30 Fixed overhead 5 machine hours $4 20 Overhead rates were based on normal monthly capacity of 6,000 machine hours. During November, the company produced only 850 units because of a labor strike, which occurred during union contract negotiations. After the dispute was settled, the company scheduled overtime to try to meet regular production levels. The following costs were incurred in November: Material Aluminum 4,000 sheets purchased $3.80; used 3,500 sheets 3,000 sheets purchased @$8.40, used 2,600 sheets Copper Direct Labor 5,200 hours $16 (pre-contract settlement) Regular time 900 hours $17 (post-contract settlement) Regular time Variable overhead $23,300 (based on 4,175 machine hours) $18,850 (based on 4,175 machine hours)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Auditing Note Book Journal Notes Checklist Questions Observations Evidence Log

Authors: Just Visualize It, The Quality Guy

1st Edition

1726688402, 978-1726688406

More Books

Students also viewed these Accounting questions