Taken from Financial & Managerial Accounting (19th edition) by Jan Williams

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PROBLEM 24.4A

Computing and Journalizing Cost Variances

Sven Enterprises is a large producer of gourmet pet food. During April, it produced 147 batches of puppy meal. Each batch weighs 1,000 pounds. To produce this quantity of output, the company purchased and used 148,450 pounds of direct materials at a cost of $593,800. It also incurred direct labor costs of $17,600 for the 2,200 hours worked by employees on the puppy meal crew. Manufacturing overhead incurred at the puppy meal plant during April totaled $3,625, of which $2,450 was considered fixed. Sven's standard cost information for 1,000-pound batches of puppy meal is as follows.

Direct materials standard price $4.20 per pound Standard quantity allowed per batch 1,020 pounds Direct labor standard rate $8.50 per hour Standard hours allowed per batch 14 direct labor hours Fixed overhead budgeted $2,800 per month Normal level of production 140 batches per month Variable overhead application rate $ 9.00 per batch Fixed overhead application rate ($2,800 140 batches) 20.00 per batch Total overhead application rate $29.00 per batch Instructions

d. Record the journal entry to charge materials (at standard) to Work in Process.

e. Record the journal entry to charge direct labor (at standard) to Work in Process.

f. Record the journal entry to charge manufacturing overhead (at standard) to Work in Process.

g. Record the journal entry to transfer the 147 batches of puppy meal produced in April to Finished Goods.

h. Record the journal entry to close any over- or underapplied overhead to Cost of Goods Sold.