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Tonyt Tonyt
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3 months ago
The following information has been gathered by the controller of Acme Industries.

Direct MaterialsAQ × APAQ × SPSQ × SP
$700,000$680,000$690,000
Direct LaborAQ × APAQ × SPSQ × SP
$625,000$630,000$627,000
Variable OverheadActualAQ × SPSQ × SP
$550,000$557,000$542,000
Fixed OverheadActualStatic BudgetSQ × SP
$840,000$810,000$800,000

Required:

Using standard costing, prepare the following journal entries.
a.Purchase of direct materials on account
b.Transfer of direct materials into production
c.Recording of payroll
d.Payment for variable overhead
e.Application of variable overhead to work in process
f.Recording of variable overhead variances
g.Application of fixed overhead to work in process
h.Payment of fixed overhead
i.Recording of fixed overhead variances
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Managerial Accounting

Managerial Accounting


Edition: 4th
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abu-jahdoabu-jahdo
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3 months ago
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More solutions for this book are available here

a.Raw Materials Inventory680,000
Direct Material Price Variance20,000
​Accounts Payable700,000
b.Work in Process Inventory690,000
​Direct Material Quantity Variance10,000
​Raw Materials Inventory680,000
c.Work in Process Inventory627,000
Direct Labor Efficiency Variance3,000
​Direct Labor Rate Variance5,000
​Wages Payable625,000
d.Manufacturing Overhead550,000
​Cash550,000
e.Work in Process Inventory542,000
​Manufacturing Overhead542,000
f.Variable Overhead Efficiency Variance15,000
​Variable Overhead Spending Variance7,000
​Manufacturing Overhead8,000
g.Work in Process Inventory800,000
​Manufacturing Overhead800,000
h.Manufacturing Overhead840,000
​Cash840,000
i.Fixed Overhead Spending Variance30,000
Fixed Overhead Volume Variance10,000
​Manufacturing Overhead40,000
1

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