Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me Sandhill Compuny uses a standard cost accounting system Some of the ledger accounts have been destroved in a fire. The controller asks

please help me image text in transcribed
image text in transcribed
Sandhill Compuny uses a standard cost accounting system Some of the ledger accounts have been destroved in a fire. The controller asks your help in reconstructing vome missine entrics and bulances. Answer the follawing questions. (a) Materiak Price Variance shows a $1,600 unfavorable balance. Accounts Payable shows $128,500 of rawmaterials purchases. What was the amount debited to Raw Materials Imentory for raw materials purchased? Rawmoterisls purchased (b) Materials Quantity Variance show a 53000 favorable balance. Raw Materiak tinventory show a zeco balance What was the amount debited to Work in Process Imentory for direct msterials used? Oirect materialsuted (c) Wares Parable? Wages Porate 5 (d) Process for direct lubor used? Labor Price Variance shows a $1,400 favorable balance. Factory Labor shows a debit of $140,000 for wages incurred. What was the amount credited to Factory Wages Payable? Wages Payable. (d) Factory Labor shows a credit of $140,000 for direct labor used. Labor Quantity Variance shows a \$770 favorable balance. What was the amount debited to Work in Processfor direct laborused? Direct laborused (e) Overhead applied to Work in Process totaled $166,000. If the total overhead variance was $1.100 favorable. what was the amount of owerhead costs debited to Manufacturing Overhesd? Manufacturing Overhead

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Current Issues In Auditing

Authors: Michael J Sherer, W Stuart Turley

3rd Edition

1853963658, 978-1853963650

More Books

Students also viewed these Accounting questions