Cost Journal Entries Bellingham Company produced 6,000 units that require six standard pounds per unit at a $3 standard price per pound. The company actually used 37,400 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. Work in Process Direct Materials Quantity Variance 88 Materials
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- Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: Make journal entries to charge materials (use the materials purchase price variance) and labor to Work in Process. (Remember to retrieve the standard costs from E8-10 before solving this exercise.)Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)PREDETERMINED FACTORY OVERHEAD RATE Marston Enterprises calculates a predetermined factory overhead rate so that factory overhead may be applied to production during the month. It calculates the overhead using three different methods and then decides which one to use. Total estimated factory overhead costs are 600,000. Total estimated direct labor hours are 30,000. Total estimated direct labor costs are 1,200,000. Total machine hours are estimated to be 200,000. Calculate the predetermined overhead application rates based on (1) direct labor hours, (2) direct labor costs, and (3) machine hours.
- Lampierre makes brass and gold frames. The company computed this information to decide whether to switch from the traditional allocation method to ABC: The estimated overhead for the material cost pool is estimated as $12,500, and the estimate for the machine setup pool is $35,000. Calculate the allocation rate per unit of brass and per unit of gold using: A. The traditional allocation method B. The activity-based costing methodPREDETERMINED FACTORY OVERHEAD RATE Millerlile Enterprises calculates a predetermined factory overhead rate so that factory overhead may be applied to production during the month. It calculates the overhead using three different methods and then decides which one to use. Total estimated factory overhead costs are 540,000. Total estimated direct labor hours are 50,000. Total estimated direct labor costs are 900,000. Total machine hours are estimated to be 80,000. Calculate the predetermined overhead application rates based on (1) direct labor hours, (2) direct labor costs, and (3) machine hours.The standard cost summary for the most popular product of Phenom Products Co. is shown as follows, together with production and cost data for the period. One gallon each of liquid lead and varnish are added at the start of processing. The balance of the materials is added when the process is two-thirds complete. Labor and overhead are added evenly throughout the process. There were no units in process at the beginning of the month. Required: Calculate equivalent production for materials, labor, and overhead. (Be sure to refer to the standard cost summary to help determine the percentage of materials in ending work in process.) Calculate materials and labor variances and indicate whether they are favorable or unfavorable, using the diagram format shown in Figure 8-4. Determine the cost of materials and labor in the work in process account at the end of the month.
- Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.Journalize Standard Cost Entries Encinas Company produced 2,300 units that require 6 standard pounds per unit at $1.75 standard price per pound. The company actually used 13,600 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. Work in Process ✓ Direct Materials Quantity Variance✔ Materials ✓Recording manufacturing costs in a JIT costing system Gateway produces electronic calculators. Suppose Gateway’s Standard cost per calculator is $25 for direct materials and $68 for conversion costs. The following data apply to August activities: Requirements Prepare summary journal entries for August using JIT costing, including the entry to adjust the Conversion Costs account. The beginning balance of Finished Goods Inventory was $1,300. Use a T-account to find the ending balance of Finished Goods Inventory.
- Accounting TRex Inc. uses standard costing. The Materials inventory account has a balance of 1,000 pounds at a standard cost of $5 per pound. Which T-account entry should a company make when 720 pounds are taken from the Materials storeroom and put into production? The standard quantity is 700 pounds. Group of answer choices Work in process 3,500 Materials Inventory 100 Quantity variance 3,600 Work in process 3,600 Materials Inventory 3,500 Quantity variance 100 Work in process 3,500 Materials Inventory 3,600 Quantity variance 100 Work in process 3,600 Materials Inventory 3,600 Quantity variance 0Required Information [The following Information applies to the questions displayed below.] Hart Company made 3,140 shelves using 22,140 pounds of wood costing $283,392. The company's direct materials standards for one shelf are 8 pounds of wood at $12.70 per pound. Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work In Process Inventory and record the direct materials variances. View transaction let Journal entry worksheet < A Record direct materials price and quantity variances. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general JournalRecording manufacturing costs for a JIT system Low Range produces fleece jackets. The company uses JIT costing for its JIT production system. Low Range has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On March 1, 2018, the account balances were Raw and In-Process Inventory, $9,000; Finished Goods Inventory, $1,700. The standard cost of a jacket is $40, composed of $12 direct materials plus $28 conversion costs. Data for March’s activities follow: Requirements What are the major features of a JIT production system such as that of Low Ranger? Prepare -summary journal entries for March Underallocated or overallocated conversion costs are adjusted to Cost of Goods Sold monthly. Use a T-account to determine the March 31, 2018, balance of Raw and In-Process Inventory.