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ITS NOT IN ORDER BUT I NEED HELP WITH THE JOURNAL SECTION! $11.75 Algers Company produces dry fertilizer. At the beginning of the year, Algers
ITS NOT IN ORDER BUT I NEED HELP WITH THE JOURNAL SECTION!
$11.75 Algers Company produces dry fertilizer. At the beginning of the year, Algers had the 5. Prepare journal entries for the following Direct materials (5 lbs. $2.60) $13.00 a. The purchase of direct materials b. The issuance of direct materials to proc Direct labor (0.75 hr. $18.00) 13.50 c. The addition of direct labor to Work in Fixed overhead (0.75 hr. $4.00) 3.00 d. The addition of overhead to Work in Pro Variable overhegd (0.75 hr $3.00) 2.25 e. The incurrence of actual overhead cost Standard cost per unit If an amount box does not require an entr Algers computes its overhead rates using practical volume, which is 54,000 units. Materials a. Units produced: 53.000 Direct Materials Price Variance b. Direct materials purchased: 273,000 pounds at $2.50 per pound c. Direct materials used: 270.400 pounds Accounts Payable d. Direct labor: 40,100 hours at $17.95 per hour e. Fbced overhead: $161.500 f. Variable overhead: $121,900 Work in Process Direct Materials Usage Variance Second, recognize the overhead variances: Materials If an amount box does not require an entry, leave it blank. Fixed Overhead Volume Variance Work in Process Variable Overhead Spending Variance Direct Labor Efficiency Variance Variable Overhead Efficiency Variance Direct Labor Rate Variance Fixed Overhead Spending Variance Wages Payable Fixed Overhead Control Work in Process Variable Overhead Control Variable Overhead Control Third, close the overhead variances: Fixed Overhead Control Note: Close the variances with a debit balance first. For compounde Variable Overhead Control Cost of Goods Sold Foed Overhead Control Fixed Overhead Volume Variance Various Accounts Variable Overhead Spending Variance Variable Overhead Efficiency Variance f. Prepare journal entries for the closing ou Fixed Overhead Spending Variance Cost of Goods Sold First, close direct materials and direct labc Direct Materials Price Variance Direct Labor Rate Variance x Direct Materials Usage Variance Direct Labor Efficiency Variance Cost of Goods Sold $11.75 Algers Company produces dry fertilizer. At the beginning of the year, Algers had the 5. Prepare journal entries for the following Direct materials (5 lbs. $2.60) $13.00 a. The purchase of direct materials b. The issuance of direct materials to proc Direct labor (0.75 hr. $18.00) 13.50 c. The addition of direct labor to Work in Fixed overhead (0.75 hr. $4.00) 3.00 d. The addition of overhead to Work in Pro Variable overhegd (0.75 hr $3.00) 2.25 e. The incurrence of actual overhead cost Standard cost per unit If an amount box does not require an entr Algers computes its overhead rates using practical volume, which is 54,000 units. Materials a. Units produced: 53.000 Direct Materials Price Variance b. Direct materials purchased: 273,000 pounds at $2.50 per pound c. Direct materials used: 270.400 pounds Accounts Payable d. Direct labor: 40,100 hours at $17.95 per hour e. Fbced overhead: $161.500 f. Variable overhead: $121,900 Work in Process Direct Materials Usage Variance Second, recognize the overhead variances: Materials If an amount box does not require an entry, leave it blank. Fixed Overhead Volume Variance Work in Process Variable Overhead Spending Variance Direct Labor Efficiency Variance Variable Overhead Efficiency Variance Direct Labor Rate Variance Fixed Overhead Spending Variance Wages Payable Fixed Overhead Control Work in Process Variable Overhead Control Variable Overhead Control Third, close the overhead variances: Fixed Overhead Control Note: Close the variances with a debit balance first. For compounde Variable Overhead Control Cost of Goods Sold Foed Overhead Control Fixed Overhead Volume Variance Various Accounts Variable Overhead Spending Variance Variable Overhead Efficiency Variance f. Prepare journal entries for the closing ou Fixed Overhead Spending Variance Cost of Goods Sold First, close direct materials and direct labc Direct Materials Price Variance Direct Labor Rate Variance x Direct Materials Usage Variance Direct Labor Efficiency Variance Cost of Goods SoldStep by Step Solution
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