- Standard Costs and Usage Draper, Inc. is a privately held furniture manufacturer. For August 2020, Draper had the following standards for one of its products, a wicker chair (Click the icon to view the standards) Standards per Chair Click the loon to view the costs and variances for actual production) Direct materials 3 square yards of input at $550 per square yard Direct manufacturing labor 0.5 hour of input $10.50 per hour Required: Prepare the journal entries specified below. Prepare the journal entry for the direct materials prie variance (Record debits first, then credits. Exclude explanations from anyjournal entries) Print Dore Journal Entry Date Accounts Debit Credit 0 Option 1 1. (a) Now prepare the journal entry for direct materials officiency variance Journal Entry Date Accounts Debat Crede For August 2020, Draper had the following costs and are for production of 2.700 chans. 7,700 yards of input purchased and se Option : Actual production Actual input Flexie Alcoheted price budget costs Direct $ 43.120 5 Direct manager 19.00 10.185 14,175 Price Emceny wariances variances Directions $ 70 $ 2200 Directing labor 970 Next, prepare the journal entry for direct manufacturing labor pro and officiency variances Journal Entry Date Accounts Det Credo Print Done Choose from any stor enter any number in the input fields and then continue to the next question Standard Costs and Usage Draper, Inc. is a privately held furniture manufacturer. For August 2020, Draper had the following standards for one of its products, a wicker chair (Click the icon to view the standards) (Click the icon to view the costs and variances for actual production) Director Direct manufacturing labor Standards per Chair 3 square yards of input at $5.50 per weyard 0.5 hour of input at $100 per hour Done Now prepare the journal entry for direct materials ocency variance Journal Entry Date Accounts Option 1 Debit Credit Next, prepare the marty for direct marching whor price and efficiency wiances Journal Entry Dane Accounts Daba Credit For August 2000, Draper had the folosing costs and variances for actu production of 2,700 chairs, 7,700 square Yards of input purchased and and Option : Actual production Actualul Flexible Actual conte Budgeted rice but costs Director $ 43.120 Direct marfacturing bor 10.22 10,585 14,175 Price Emiciency variances wanance Direct 770 5 2.200 Director labor 97 3.100 Print Done Draper, Inc. is a privately held furniture manufacturer. For August 2020, Draper had the following standards for one of its products, a wicker chair: 2 (Click the icon to view the standards.) (Click the icon to view the costs and variances for actual production.) ) i Required: Prepare the journal entries specified below. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from an Standard Costs and Usage X Journal Entry Date Accounts Debit Credit Direct materials Direct manufacturing labor Standards per Chair 3 square yards of input at $5.50 per square yard 0.5 hour of input at $10.50 per hour 1. (a) Print Done Option 1 X Now prepare the journal entry for direct materials efficiency variance. Journal Entry Date Accounts Debit Credit For August 2020, Draper had the following costs and variances for actual production of 2,700 chairs, 7,700 square yards of input purchased and used: 1. (b) Option 1: Actual production Actual input Next, prepare the journal entry for direct manufacturing labor price and efficiency variances. Flexible Actual costs Budgeted price budget costs $ 43,120 $ 42,350 $ 44,550 10,282 14,175 Direct materials Direct manufacturing labor Journal Entry Accounts 10,185 Date Debit Credit Price 1. (c) Efficiency variances $ 2,200 F 3,990F $ variances 770 U 97 U Direct materials Direct manufacturing labor Print Done
