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Tulip Inc. uses standard costing, and its manufacturing standards are as follows: 10.0 pounds of materials at $9.8 per pound, and 19 hours of labor
Tulip Inc. uses standard costing, and its manufacturing standards are as follows: 10.0 pounds of materials at $9.8 per pound, and 19 hours of labor at $8.4 per hour. Budgeted production last period was 6,600 units, and actual production and sales was 4,000 units. Last period, Tulip purchased and used 49,800 pounds of materials for $251,000, and used 95,000 labor hours, costing $161,000. What is the journal entry to record direct labor costs to the Cost of Goods Sold account?
Please show work and the options are *A / B / C / or D?
$638,400 Cost of Goods Sold Wages Payable $638,400 $638,400 $159,600 Cost of Goods Sold Direct Labor Rate Variance Direct Labor Efficiency Variance Wages Payable $637,880 $161,880 cost of Goods sold Direct Labor Efficiency variance Direct Labor Rate variance Wages Payable $638,400 $159,600 $637,880 $161,800 $161,000 cost of Goods Sold Wages Payable $161, 880Step by Step Solution
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