Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Work-in-process inventory on November 1: none. Work-in-process inventory on November 30: 800 units (75 percent complete as to labor; material is issued at the beginning

image text in transcribed
Work-in-process inventory on November 1: none. Work-in-process inventory on November 30: 800 units (75 percent complete as to labor; material is issued at the beginning of processing). Units completed: 5,600 units. Purchases of materials: 50,000 kilograms for $249,250. Total actual labor costs: $300,760. Actual hours of labor: 36,500 hours. Direct-material quantity variance: $ 1,500 unfavorable. Required: 1 . Compute the following amounts. Indicate whether each variance is favorable or unfavorable. a. Direct-labor rate variance for November. b. Direct-labor efficiency variance for November._ C. Actual kilograms of material used in the production process during November. d. Actual price paid per kilogram of direct material in November. e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November. f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end of November. 2. Prepare journal entries to record the following: a. Purchase of raw material. b. Adding direct material to Work-in-Process Inventory. C. Adding direct labor to Work-in-Process Inventory. d. Recording of variances

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Environmental Accounting Issues Concepts And Practice

Authors: Stefan Schaltegger, Roger Burritt

1st Edition

1874719349, 9781874719342

More Books

Students also viewed these Accounting questions