Journal ructions orte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given ce aned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been Direct materials (2.8 lbs. @ $0.80) Direct labor 10.80 hr. @ 72 5.76 Standard prime cost $8.00 bring the year, 103,700 pounds of material were purchased and used for the changeover activity. There were 34.000 batches produced 141 Materials 511 Materials Price Variance Journal ions the year, 103.700 pounds of material were purchased and used for the changeover activity. There were 34.000 batches produced prime costs: Direct materials $66,622 Direct labor (for 27,143 hrs.) $192 111 Required: Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entre Prepare a foumal entry on Dec 31 for the issuance or raw materials. Record the transaction as a compound enn Prepare a journal entry on Dec 31 for the addition of labor to Work in Process Record the transaction as a compound entry Prepare a lournal entry on Dec 31 for the closing of Vanances to Cost of Goods Sold Record the transaction as a compound ento Materials Price Variance eBook Calculator (Appendix 10A) Journal Entries Chart of Accounts Journal Instructions Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: Direct materials (2.8 lbs. @ $0.80) $2.24 2 Direct labor (0.80 hr.@ $7.2) 5.76 Standard prime cost $8.00 During the year. 103,700 pounds of material were purchased and used for the changeover activity. There were 34.000 batches produced, with the following Previous keAssignment/takeAssignment Main.do?invoker=&take AssignmentSessionLocator=&inprogress=false eBook Calculator (Appendix 10A) Journal Entries Chart of Accounts Journal Instructions During the year, 103,700 pounds of material were purchased and used for the changeover activity. There were 34,000 batches produced, with the following actual prime costs: Direct materials Direct labor (for 27,143 hrs.) $66,622 S192, 111 Required: 1. Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entry 2. Prepare a journal entry on Dec. 31 for the issuance of raw materials. Record the transaction as a compound entry 3. Prepare a journal entry on Dec. 31 for the addition of labor to Work in Process Record the transaction as a compound entry 4. Prepare a journal entry on Dec. 31 for the closing of variances to Cost of Goods Sold Record the transaction as a compound entry Previous Journal ructions orte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given ce aned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been Direct materials (2.8 lbs. @ $0.80) Direct labor 10.80 hr. @ 72 5.76 Standard prime cost $8.00 bring the year, 103,700 pounds of material were purchased and used for the changeover activity. There were 34.000 batches produced 141 Materials 511 Materials Price Variance Journal ions the year, 103.700 pounds of material were purchased and used for the changeover activity. There were 34.000 batches produced prime costs: Direct materials $66,622 Direct labor (for 27,143 hrs.) $192 111 Required: Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entre Prepare a foumal entry on Dec 31 for the issuance or raw materials. Record the transaction as a compound enn Prepare a journal entry on Dec 31 for the addition of labor to Work in Process Record the transaction as a compound entry Prepare a lournal entry on Dec 31 for the closing of Vanances to Cost of Goods Sold Record the transaction as a compound ento Materials Price Variance eBook Calculator (Appendix 10A) Journal Entries Chart of Accounts Journal Instructions Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: Direct materials (2.8 lbs. @ $0.80) $2.24 2 Direct labor (0.80 hr.@ $7.2) 5.76 Standard prime cost $8.00 During the year. 103,700 pounds of material were purchased and used for the changeover activity. There were 34.000 batches produced, with the following Previous keAssignment/takeAssignment Main.do?invoker=&take AssignmentSessionLocator=&inprogress=false eBook Calculator (Appendix 10A) Journal Entries Chart of Accounts Journal Instructions During the year, 103,700 pounds of material were purchased and used for the changeover activity. There were 34,000 batches produced, with the following actual prime costs: Direct materials Direct labor (for 27,143 hrs.) $66,622 S192, 111 Required: 1. Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entry 2. Prepare a journal entry on Dec. 31 for the issuance of raw materials. Record the transaction as a compound entry 3. Prepare a journal entry on Dec. 31 for the addition of labor to Work in Process Record the transaction as a compound entry 4. Prepare a journal entry on Dec. 31 for the closing of variances to Cost of Goods Sold Record the transaction as a compound entry Previous