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Posted on Jul 13, 2024

Madison corporation manufactures lamps. ibil Standards as Direct materials: 10 lb. at $4.90 per lb. Direct manufacturing labor: 0.5 hour at $30 per hour $

Madison corporation manufactures lamps. image text in transcribed

ibil Standards as Direct materials: 10 lb. at $4.90 per lb. Direct manufacturing labor: 0.5 hour at $30 per hour $ 49.00 15.00 Print Done s from any journal entries) i Actual Data - X 51 5 Actual results in January 2017 were as follows: ora Direct materials: 95,000 lb. used Direct manufacturing labor: 4,800 hours $ 152,400 Print Done ny journal entries.) Submit Quiz 1 of 1 This Quiz: 5 pts possible Question Help Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 96,900 lb., at a total cost of $494,190. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements rect materials and direct manufacturing labor. nswers to the nearest whole dollar.) Cost 474810 465500 144000 Quiz: Chapter 7 Assignment 4 This Question: 5 pts The Madison Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: (Click the icon to view the standards.) The number of finished units budgeted for January 2017 was 9,690; 9,650 units were actually produced. (Click the icon to view actual data.) Requirement 1. Compute the January 2017 price and efficiency variances of direct mat Let's begin by calculating the actual input at the budgeted price. (Round your answers to Actual input Budgeted price Direct manufacturing labor -7350|| U -750 F Requirement 2. Prepare journal entries to record the variances in requirement 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Next prepare the journal entry for direct materials efficiency variance, Journal Entry Date Accounts Debit Credit Now prepare the journal entry for direct manufacturing labor price and efficiency variances Journal Entry Accounts Date Debit Credit Requirement 3. Comment on the January 2017 price and efficiency variances of Madison Corporation Choose from any list or enter any number in the input fields and then continue to the next question -CU II Jaludly 2017 Web 3,090, 9,050 UN ere actually produced (Click the icon to view actual data.) Read the requirements Journal Entry Accounts Date Debit Credit Requirement 3. Comment on the January 2017 price and efficiency variances of Madison Corporation A key point is that likely to be They are so Fluctuations about standards are bound to occur in a fashion. Practically, from a control viewpoint, a standard is a band or range of acceptable performance rather than a single-figure measure Requirement 4. Why might Madison calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Sn vis The purchasing point is where responsibility for is found most often. The production point is where responsibility for found most often. Madison Corporation may calculate variances at different points in time to tie in with Sign Choose from any list or enter any number in the input fields and then continue to the next question st 2.5 1 - 32 of 32 all 2020) is based on Horngren Cost Accounting 16e ibil Standards as Direct materials: 10 lb. at $4.90 per lb. Direct manufacturing labor: 0.5 hour at $30 per hour $ 49.00 15.00 Print Done s from any journal entries) i Actual Data - X 51 5 Actual results in January 2017 were as follows: ora Direct materials: 95,000 lb. used Direct manufacturing labor: 4,800 hours $ 152,400 Print Done ny journal entries.) Submit Quiz 1 of 1 This Quiz: 5 pts possible Question Help Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 96,900 lb., at a total cost of $494,190. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements rect materials and direct manufacturing labor. nswers to the nearest whole dollar.) Cost 474810 465500 144000 Quiz: Chapter 7 Assignment 4 This Question: 5 pts The Madison Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: (Click the icon to view the standards.) The number of finished units budgeted for January 2017 was 9,690; 9,650 units were actually produced. (Click the icon to view actual data.) Requirement 1. Compute the January 2017 price and efficiency variances of direct mat Let's begin by calculating the actual input at the budgeted price. (Round your answers to Actual input Budgeted price Direct manufacturing labor -7350|| U -750 F Requirement 2. Prepare journal entries to record the variances in requirement 1. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Next prepare the journal entry for direct materials efficiency variance, Journal Entry Date Accounts Debit Credit Now prepare the journal entry for direct manufacturing labor price and efficiency variances Journal Entry Accounts Date Debit Credit Requirement 3. Comment on the January 2017 price and efficiency variances of Madison Corporation Choose from any list or enter any number in the input fields and then continue to the next question -CU II Jaludly 2017 Web 3,090, 9,050 UN ere actually produced (Click the icon to view actual data.) Read the requirements Journal Entry Accounts Date Debit Credit Requirement 3. Comment on the January 2017 price and efficiency variances of Madison Corporation A key point is that likely to be They are so Fluctuations about standards are bound to occur in a fashion. Practically, from a control viewpoint, a standard is a band or range of acceptable performance rather than a single-figure measure Requirement 4. Why might Madison calculate direct materials price variances and direct materials efficiency variances with reference to different points in time? Sn vis The purchasing point is where responsibility for is found most often. The production point is where responsibility for found most often. Madison Corporation may calculate variances at different points in time to tie in with Sign Choose from any list or enter any number in the input fields and then continue to the next question st 2.5 1 - 32 of 32 all 2020) is based on Horngren Cost Accounting 16e