Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.21 hour Rate, $10.50 per hour Direct Material: Quantity, 4 kilograms Price, $0.52 per kilogram Actual material purchases amounted to 185,600 kilograms at $0.600 per kilogram. Actual costs Incurred in the production of 32,000 units were as follows: Direct labor: Direct material: $77,088 for 7,040 hours $85,440 for 142,400 kilograms Exercise 10-31 Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Do not round Intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 4 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 > Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 8.21 hour Rate, $10.50 per hour Direct Material: Quantity, 4 kilograms Price, $0.52 per kilogram Actual material purchases amounted to 185,600 kilograms at $0.600 per kilogram. Actual costs incurred in the production of 32,000 units were as follows: Direct labor: $77,088 for 7,040 hours Direct material: $85,440 for 142,400 kilograms Exercise 10-31 Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Do not round Intermediate calculations.) View transaction list 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 2 General Journal Debit Credit > Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.21 hour Rate, $10.50 per hour Direct Material: Quantity, 4 kilograms Price, $0.52 per kilogram Actual material purchases amounted to 185,600 kilograms at $0.600 per kilogram. Actual costs incurred in the production of 32,000 units were as follows: Direct labor: Direct material: $77,088 for 7,040 hours $85,440 for 142,400 kilograms Exercise 10-31 Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Do not round Intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 4 Record the addition of direct-labor cost to work-in-process inventory and the direct-labor variances. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit > Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.21 hour Rate, $18.50 per hour Direct Material: Quantity, 4 kilograms Price, $0.52 per kilogram Actual material purchases amounted to 185,600 kilograms at $0.600 per kilogram. Actual costs incurred in the production of 32,000 units were as follows: Direct labor: $77,088 for 7,040 hours Direct material: $85,440 for 142,400 kilograms Exercise 10-31 Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Do not round Intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 4 Record the closing of the direct-material and direct-labor variances to cost of goods sold. Note: Enter debits before credits. Transaction 4 General Journal Debit Credit > Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 8.21 hour Rate, $10.50 per hour Direct Material: Quantity, 4 kilograms. Price, $0.52 per kilogram Actual material purchases amounted to 185,600 kilograms at $0.600 per kilogram. Actual costs incurred in the production of 32,000 units were as follows: Direct labor: Direct material: $77,088 for 7,048 hours $85,440 for 142,400 kilograms Exercise 10-32 Required: Post the journal entries prepared above to the appropriate T-accounts below. Be sure to select from the dropdown menu the transaction number associated with each amount posted. Raw-Material Inventory Direct-Material Purchase Price Variance Work-in-Process Inventory Direct-Material Quantity Variance Accounts Payable Direct-Labor Rate Variance Wages Payable Direct-Labor Efficiency Variance Cost of Goods Sold