PLEASE SHOW ALL WORK AND EXPLANATIONS

Actual quantity of material used	x	Standard cost	=	Total cost at standard
	x	$	=	$

Calculate the actual cost of the materials purchased.

Actual quantity of material used	x	Actual cost	=	Total actual cost of materials
	x	$	=	$

Date			Accounts and Explanation	Debit	Credit
			Raw Materials Inventory
			Direct Materials Cost Variance
			Accounts Payable
			Purchased direct materials.

Standard quantity of direct materials	x	Standard cost	=	Standard cost of direct materials
$	x	$	=

Date			Accounts and Explanation	Debit	Credit
			Work-in-Process Inventory
			Direct Materials Efficiency Variance
			Raw Materials Inventory
			Used direct materials.

Standard quantity of direct labor hours	x	Standard cost	=	Standard cost of labor
	x	$	=	$

Now, calculate the actual quantities at actual prices.

Actual quantity of labor used	x	Actual cost	=	Actual cost of labor
	x	$	=	$

Date			Accounts and Explanation	Debit	Credit
			Work-in-Process Inventory
			Direct Labor Cost Variance
			Direct Labor Efficiency Variance
			Wages Payable
			Direct labor costs incurred.

Date			Accounts and Explanation	Debit	Credit
			Work-in-Process Inventory
			Manufacturing Overhead
			Manufacturing overhead costs allocated.

Journalize the movement of all production from Work-in-Process Inventory.

Once the production process is complete, all of the previously allocated standard costs are transferred from Work-in-Process Inventory to Finished Goods Inventory. Record the entry.

Date			Accounts and Explanation	Debit	Credit
			Finished Goods Inventory
			Work-in-Process Inventory
			Completed goods transferred.

s Inventory to Cost of Goods Sold. Record the entry.

Date			Accounts and Explanation	Debit	Credit
			Cost of Goods Sold
			Finished Goods Inventory
			Cost of sales at standard cost.

ill be recorded with credits. (Prepare a single compound journal entry.)

Date			Accounts and Explanation	Debit	Credit
			Manufacturing Overhead
			Variable Overhead Cost Variance
			Fixed Overhead Cost Variance
			Variable Overhead Efficiency Variance
			Fixed Overhead Volume Variance
			To adjust Manufacturing Overhead.

This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers.

E23-23 (similar to) Question Help Bargain Company uses a standard cost system and reports the following information for 2018: |(Click the icon to view the information.) Bargain Company reported the following variances: (Click the icon to view the variances.) Bargain produced 1,000 units of finished product in 2018. Read the requirements. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer. ? Standards: 3 yards of cloth per unit at $1.00 per yard 2 direct labor hours per unit at $9.75 per hour Overhead allocated at $3.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.05 per yard Employees worked 1,100 hours and were paid $9.25 per hour Actual variable overhead was $4,000 Actual fixed overhead was $500 115 U Direct materials cost variance Direct materials efficiency variance 700 F Direct labor cost variance 550 F Direct labor efficiency variance 8,775 F Variable overhead cost variance 1,300 U Variable overhead efficiency variance 1,300 F. Fixed overhead cost variance 900 U Fixed overhead volume variance 2,400 F Record the journal entries to record direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries to record the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)