Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mayberry Company had the following journal entries recorded for the end of June. Unfortunately, the company's only accountant quit on July 10 and the president
Mayberry Company had the following journal entries recorded for the end of June. Unfortunately, the company's only accountant quit on July 10 and the president is at a loss as to the company's performance for the month of June. Entry # 1: Materials Control 300,000 Direct Materials Price Variance 10,000 Accounts Payable Control 290,000 Entry #2: Work-in-Process Control 120,000 Direct Materials Efficiency Variance 8,000 Materials Control 128,000 Entry # 3: Work-in-Process Control 850,000 Direct Manufacturing Labor Price Variance 15,000 18,000 Direct Manufacturing Labor Efficiency Variance Wages Payable Control 847,000 Required: a. What kind of performance did the company have for June? Complete the information for each variance below by checking the appropriate answers: Direct Materials Price Variance Favorable Unfavorable_ Direct Materials Efficiency Variance Favorable_ Direct Labor Price Variance Favorable Direct Labor Efficiency Variance Favorable_ Why is Direct Materials given in two entries? b. Unfavorable Unfavorable Unfavorable_
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started