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eennuson eennuson
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A month ago
The following information has been gathered by the controller of Acme Industries.

Direct MaterialsAQ × APAQ × SPSQ × SP
$650,000$680,000$670,000
Direct LaborAQ × APAQ × SPSQ × SP
$635,000$630,000$637,000
Variable OverheadActualAQ × SPSQ × SP
$560,000$557,000$562,000
Fixed OverheadActualStatic BudgetSQ × SP
$780,000$810,000$815,000

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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eminemluvr87eminemluvr87
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A month ago
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More solutions for this book are available here
a.Raw Materials Inventory680,000
​Direct Material Price Variance30,000
​Accounts Payable650,000
b.Work in Process Inventory670,000
Direct Material Quantity Variance10,000
​Raw Materials Inventory680,000
c.Work in Process Inventory637,000
Direct Labor Rate Variance5,000
​Direct Labor Efficiency Variance7,000
​Wages Payable635,000
d.Manufacturing Overhead560,000
​Cash560,000
e.Work in Process Inventory562,000
​Manufacturing Overhead562,000
f.Manufacturing Overhead2,000
Variable Overhead Spending Variance3,000
​Variable Overhead Efficiency Variance5,000
g.Work in Process Inventory815,000
​Manufacturing Overhead815,000
h.Manufacturing Overhead780,000
​Cash780,000
i.Manufacturing Overhead35,000
​Fixed Overhead Volume Variance5,000
​Fixed Overhead Spending Variance30,000
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eennuson Author
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A month ago
this is exactly what I needed
larrybrads
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Just got PERFECT on my quiz
Natalie Price
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This site is awesome
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