Please show work/excel formulas... Help needed. Thank you
None Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (le., direct materials and direct labor) of Its single product are: Material (6 kilograns $7.00 per kilogram) $ 42.00 Labor (6 hours * $18.00 per hour 188.00 All materials are added at the beginning of processing. The following data were taken from the company's records for November: In-process beginning inventory In-process ending inventory 920 units, 75% complete as to direct labor Units completed 6,898 units Budgeted output 7,200 units Purchases of materials 62,600 kilograms Total actual direct labor costs $ 740,000 Actual direct labor hours 44,288 hours Materials usage variance $ 2,808 Unfavorable Total materials variance $ 630 Unfavorable Required: 1. Compute for November a. The direct labor efficiency variance. Is this variance favorable (F) or unfavorable (U)? b. The direct labor rate variance. Is this variance favorable (F) or unfavorable (U)? c. The actual number of kilograms of material used in the production process during the month. d. The actual price paid per kilogram of material during the month, the company calculates the direct materials price varlance at point of purchase. e. The amount of direct materials cost and direct labor cost transferred to the Finished Goods Inventory account. f. The total amount of direct materials cost and direct labor cost in the Work-In-Process Inventory account at the end of the month 2. Prepare journal entries to record all transactions, including the variances in requirement 1 None Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (le., direct materials and direct labor) of Its single product are: Material (6 kilograns $7.00 per kilogram) $ 42.00 Labor (6 hours * $18.00 per hour 188.00 All materials are added at the beginning of processing. The following data were taken from the company's records for November: In-process beginning inventory In-process ending inventory 920 units, 75% complete as to direct labor Units completed 6,898 units Budgeted output 7,200 units Purchases of materials 62,600 kilograms Total actual direct labor costs $ 740,000 Actual direct labor hours 44,288 hours Materials usage variance $ 2,808 Unfavorable Total materials variance $ 630 Unfavorable Required: 1. Compute for November a. The direct labor efficiency variance. Is this variance favorable (F) or unfavorable (U)? b. The direct labor rate variance. Is this variance favorable (F) or unfavorable (U)? c. The actual number of kilograms of material used in the production process during the month. d. The actual price paid per kilogram of material during the month, the company calculates the direct materials price varlance at point of purchase. e. The amount of direct materials cost and direct labor cost transferred to the Finished Goods Inventory account. f. The total amount of direct materials cost and direct labor cost in the Work-In-Process Inventory account at the end of the month 2. Prepare journal entries to record all transactions, including the variances in requirement 1
