Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Information on Bowgie Chemicals direct materials costs follows. Actual quantities of direct materials used 31,900 Actual costs of direct materials used $ 146,600 Standard price

Information on Bowgie Chemicals direct materials costs follows.

Actual quantities of direct materials used 31,900
Actual costs of direct materials used $ 146,600
Standard price per unit of direct materials $ 4.39
Flexible budget for direct materials $ 123,500

Bowgie Chemicals has no materials inventories.

Required: a. Prepare a short report for management showing Bowgie Chemicalss direct materials price and efficiency variances. b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing.

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

Accounting and auditing research tools and strategies

Authors: Thomas Weirich, Thomas Pearson, Natalie Tatiana

8th edition

9781118806487, 1118027078, 1118806484, 978-1118027073

More Books

Students also viewed these Accounting questions

Question

=+1. Do you have insurance?

Answered: 1 week ago

Question

=+ 2. Do you have a license and do you have insurance?

Answered: 1 week ago