Please fill in all the Journal Entries at the bottom, as per the instructions
Required information [The following information applies to the questions displayed below.] European Styles, Inc. manufactures women's blouses of one quality, which are produced in lots to fill each special order. Its customers are department stores in various cities. European Styles sews the particular stores' labels on the blouses. During November, the company worked on three orders, for which the month's job-cost records disclose the following data. Lot Number Boxes in Lot Material Used (yards) Hours Worked 1,000 24,100 2,980 1,700 40,440 5,130 1,200 28,825 2,890 The following additional information is available: 1. The firm purchased 95,000 yards of material during November at a cost of $106,400. 2. Direct labor during November amounted to $165,000. According to payroll records, production employees were paid $15.00 per hour. 3. There was no work in process on November 1. During November, lots 22 and 23 were completed. All material was issued for lot 24, which was 80 percent completed as to direct labor. 4. The standard costs for a box of six blouses are as follows: Direct material Direct labor Production overhead Standard cost per box 24 yards at 3 hours at 3 hours at $ 1.10 per yard $14.70 per hr. $12.00 per hr. $26.40 44.10 36.00 $106.50 2. For each lot produced during November, complete the following schedules a. Direct-material purchase price variance. b. Direct-material quantity variance. c. Direct-labor efficiency variance d. Direct-labor rate variance. 3. Prepare journal entries to record each of the following events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) Purchase of material. Incurrence of direct-labor cost. Addition of direct-material and direct-labor cost to Work-in-Process Inventory. Recording of direct-material and direct-labor variances Journal entry worksheet 2 3 Record the purchase of direct material on account and the direct-material purchase price variance. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Record the addition of direct-material cost to work-in-process inventory and the direct-material quantity variance. Note: Enter debits before credits. Transaction Debit Credit General Journal 2 Record entry Clear entry View general journal Journal entry worksheet Record the addition of direct-labor cost to work-in-process inventory and the direct-labor variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] European Styles, Inc. manufactures women's blouses of one quality, which are produced in lots to fill each special order. Its customers are department stores in various cities. European Styles sews the particular stores' labels on the blouses. During November, the company worked on three orders, for which the month's job-cost records disclose the following data. Lot Number Boxes in Lot Material Used (yards) Hours Worked 1,000 24,100 2,980 1,700 40,440 5,130 1,200 28,825 2,890 The following additional information is available: 1. The firm purchased 95,000 yards of material during November at a cost of $106,400. 2. Direct labor during November amounted to $165,000. According to payroll records, production employees were paid $15.00 per hour. 3. There was no work in process on November 1. During November, lots 22 and 23 were completed. All material was issued for lot 24, which was 80 percent completed as to direct labor. 4. The standard costs for a box of six blouses are as follows: Direct material Direct labor Production overhead Standard cost per box 24 yards at 3 hours at 3 hours at $ 1.10 per yard $14.70 per hr. $12.00 per hr. $26.40 44.10 36.00 $106.50 2. For each lot produced during November, complete the following schedules a. Direct-material purchase price variance. b. Direct-material quantity variance. c. Direct-labor efficiency variance d. Direct-labor rate variance. 3. Prepare journal entries to record each of the following events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) Purchase of material. Incurrence of direct-labor cost. Addition of direct-material and direct-labor cost to Work-in-Process Inventory. Recording of direct-material and direct-labor variances Journal entry worksheet 2 3 Record the purchase of direct material on account and the direct-material purchase price variance. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Record the addition of direct-material cost to work-in-process inventory and the direct-material quantity variance. Note: Enter debits before credits. Transaction Debit Credit General Journal 2 Record entry Clear entry View general journal Journal entry worksheet Record the addition of direct-labor cost to work-in-process inventory and the direct-labor variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal
