please do the journal entries and the last 4 parts :)
Standard costs and usage - Lints (Abbr rials Price 100 Direct materials Direct manufacturing labor Standards per chair 2 square yards of input at $5.80 per square yard 0.5 hour of input at S10 60 per hour Labor Price Print Done 98 ts Payable Control 1 (a) 33000 turer. For August 2017 Diva had the following standards for one of its products, a Click the icon to view the costs and variances under the a - X Ints for the pric normal-costing ances for actual production "optic Option 1 X following T-accounts. (Abbr For August 2017, Diva had the following costs and variances for actual production of 2 900 chairs, 5,500 square yards of input purchased and used Option 1. Actual production Actual input Flexible Actual costs Budgeted price budget costs Direct materials 33,000 $ 31,900 $ 33 640 Direct manufacturing labor 10.486 10,388 15,370 Direct Materials Price X 1.(a) 1100 Price Efficiency Direct Mfg. Labor Price variances variances S S 1.740F 1. 98 Direct materials Direct manufacturing labor 1.100 U 98 U 4,982 F Accounts Payable Contro Print Done 1 (0) ------- option 1") Requirement Prepare journal entries and post them to T-accounts fom Summarize how these journal entries differ from norma - Option 1 - X Option 2 X The following variances are under the assumption that 8,000 square yards of materials were purchased, even though only 5,500 square yards were used Suppose further that direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department Option 2: Increase in purchases Actual input Flexible Direct materials: Actual costs Budgeted price budget costs Purchasing $ 48,000 $ 46,400 Production $ 31,900 $ 33,640 Price Efficiency variance variance Direct materials $ 1,600 U $ 1,740 F Contra (a) elp - Part 4 of 8 Points: 0.31 of 1 Save Dva, Inc. is a privately held furniture manufacturer For August 2017 Diva had the following standards for one of its products, a wicker than (Cick the icon to view the costs and variances under the assumptions Click the icon to view the standards "option2") Requirement Click the icon to view the costs and variances for actual production option Prepare journal entries and post them to Taccounts for the price and efficiency 1") variances listed under the two options Summanzo how these journal entres differ from normal costing entries Wapes Payala Control 10,486 Post the journal entries you prepared to the following accounts (Abbreviation used Mio Manufacturing) Direct Materials Control Direct Materials Price Variance Direct Materials Efficiency Variance Incom 1) 310001) 31900 () 1100 1. (b) 1740 1/1) 11) Direct Mfg. Labor Price Variance Direct Mfg. Labor Efficiency Variance Work-In-Process Control 1 (b) 33640 1) 15370 1.0 89 1 (0) 4902 Wages Payable Control Accounts Payable Control 10488 1 33000 variances listed under the two options Summarize how these jou differ from normal costing entries ges Payable Control 10.486 es y - erials Standard costs and usage 1 Direct materials Direct manufacturing labor Standards per chair 2 square yards of input at $5 80 per square yard 05 hour of input at $1060 per hour oces rollo Print Done yable Comor TI To OTOT able Control 10,486 x x 1 Option 1 For August 2017, Diva had the following costs and variances for actual production of 2,900 chairs, 5,500 square yards of input purchased and used: Option 1: Actual production Actual input Flexible Direct materials Direct manufacturing labor Actual costs Budgeted price budget costs $ 33,000 $ 31,900 $ 33,640 10.486 10,388 15,370 Price variances Efficiency variances $ 1.740 F 4.982 F c) $ 1,100 U Direct materials Direct manufacturing labor 98 U costs and variances for actual production "option Requirement Prepare journal entries and post them to T-accoun variances listed under the two options Summarize differ from normal-costing entries able Control 10,486 x Option 2 The following variances are under the assumption that 8,000 square yards of materials were purchased, even though only 5,500 square yards were used Suppose further that direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department Option 2: Increase in purchases Actual input Flexible Direct materials: Actual costs Budgeted price budget costs Purchasing $ 48,000 $ 46,400 Production S 31,900 $ 33,640 X Price Efficiency variance variance 1.600 U Direct materials S $ 1740 F Print Done Standard costs and usage - Lints (Abbr rials Price 100 Direct materials Direct manufacturing labor Standards per chair 2 square yards of input at $5.80 per square yard 0.5 hour of input at S10 60 per hour Labor Price Print Done 98 ts Payable Control 1 (a) 33000 turer. For August 2017 Diva had the following standards for one of its products, a Click the icon to view the costs and variances under the a - X Ints for the pric normal-costing ances for actual production "optic Option 1 X following T-accounts. (Abbr For August 2017, Diva had the following costs and variances for actual production of 2 900 chairs, 5,500 square yards of input purchased and used Option 1. Actual production Actual input Flexible Actual costs Budgeted price budget costs Direct materials 33,000 $ 31,900 $ 33 640 Direct manufacturing labor 10.486 10,388 15,370 Direct Materials Price X 1.(a) 1100 Price Efficiency Direct Mfg. Labor Price variances variances S S 1.740F 1. 98 Direct materials Direct manufacturing labor 1.100 U 98 U 4,982 F Accounts Payable Contro Print Done 1 (0) ------- option 1") Requirement Prepare journal entries and post them to T-accounts fom Summarize how these journal entries differ from norma - Option 1 - X Option 2 X The following variances are under the assumption that 8,000 square yards of materials were purchased, even though only 5,500 square yards were used Suppose further that direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department Option 2: Increase in purchases Actual input Flexible Direct materials: Actual costs Budgeted price budget costs Purchasing $ 48,000 $ 46,400 Production $ 31,900 $ 33,640 Price Efficiency variance variance Direct materials $ 1,600 U $ 1,740 F Contra (a) elp - Part 4 of 8 Points: 0.31 of 1 Save Dva, Inc. is a privately held furniture manufacturer For August 2017 Diva had the following standards for one of its products, a wicker than (Cick the icon to view the costs and variances under the assumptions Click the icon to view the standards "option2") Requirement Click the icon to view the costs and variances for actual production option Prepare journal entries and post them to Taccounts for the price and efficiency 1") variances listed under the two options Summanzo how these journal entres differ from normal costing entries Wapes Payala Control 10,486 Post the journal entries you prepared to the following accounts (Abbreviation used Mio Manufacturing) Direct Materials Control Direct Materials Price Variance Direct Materials Efficiency Variance Incom 1) 310001) 31900 () 1100 1. (b) 1740 1/1) 11) Direct Mfg. Labor Price Variance Direct Mfg. Labor Efficiency Variance Work-In-Process Control 1 (b) 33640 1) 15370 1.0 89 1 (0) 4902 Wages Payable Control Accounts Payable Control 10488 1 33000 variances listed under the two options Summarize how these jou differ from normal costing entries ges Payable Control 10.486 es y - erials Standard costs and usage 1 Direct materials Direct manufacturing labor Standards per chair 2 square yards of input at $5 80 per square yard 05 hour of input at $1060 per hour oces rollo Print Done yable Comor TI To OTOT able Control 10,486 x x 1 Option 1 For August 2017, Diva had the following costs and variances for actual production of 2,900 chairs, 5,500 square yards of input purchased and used: Option 1: Actual production Actual input Flexible Direct materials Direct manufacturing labor Actual costs Budgeted price budget costs $ 33,000 $ 31,900 $ 33,640 10.486 10,388 15,370 Price variances Efficiency variances $ 1.740 F 4.982 F c) $ 1,100 U Direct materials Direct manufacturing labor 98 U costs and variances for actual production "option Requirement Prepare journal entries and post them to T-accoun variances listed under the two options Summarize differ from normal-costing entries able Control 10,486 x Option 2 The following variances are under the assumption that 8,000 square yards of materials were purchased, even though only 5,500 square yards were used Suppose further that direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department Option 2: Increase in purchases Actual input Flexible Direct materials: Actual costs Budgeted price budget costs Purchasing $ 48,000 $ 46,400 Production S 31,900 $ 33,640 X Price Efficiency variance variance 1.600 U Direct materials S $ 1740 F Print Done
