Prepare the journal entry to record these direct materials variances. Direct materials cost actually incurred $73,200 Direct materials quantity variance . 3,800 F Direct materials price variance 1,300 U

Prepare the journal entry to record these direct materials variances. Direct materials cost actually incurred $73,200 Direct materials quantity variance . 3,800 F Direct materials price variance 1,300 U

Name: Prepare the journal entry to record these direct materials variances.
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Description: Prepare the journal entry to record these direct materials variances. Direct materials cost actually incurred $73,200 Direct materials quantity variance . 3,800 F Direct materials price variance 1,300 U

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter22: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 9DQ: If variances are recorded in the accounts at the time the manufacturing costs are incurred, what...

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Use the following information to calculate the materials price variance: Direct material purchased and used (kgs) 30,000 Cost of direct material 84,000 Unfavourable direct materials usage variance 3,000 Standard quantity of direct materials allowed for production (kgs) 29,000 Select one: a. $6,000 U b. $2,800 F c. $6,000 F d. $2,800 U
Assume the following information (the quantity of materials purchased the quantity used): Actual total cost of direct materials Direct materials price variance Standard quantity of materials allowed per unit Standard price per pound of material Standard rate per direct labor hour Actual total direct labor hours Direct labor efficiency variance Standard number of direct labor hours allowed per unit. Direct labor spending variance What is the standard price (SP) per pound of materials? $ 65,560 $ 5,960 U 3 pounds $ 4.00 $ 5.00 6,500 $ 3,500 F 2 hours $ 400 U
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