Requirement 1. Prepare journal entries dated June 30 to record: raw materials purchases, direct materials used, indirect materials use direct labor used, indirect labor used, other actual overhead costs, overhead applied
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Requirement 1.
Prepare
raw materials purchases,
direct materials used,
indirect materials use direct labor used,
indirect labor used,
other actual overhead costs,
overhead applied
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- Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Pinished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,050,000 86,000 112,000 146,000 396,000 475,000 71,000 57,000 114,000. 182,000 291,000 103,000 134,000 175,000 Exercise 1-13 (Algo) Preparing schedule of cost of goods manufactured LO P2 Prepare its schedule of cost of noods manufactured for theRite Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Data table Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - X - $ 34,000 65,000 1,600 64,000 500 FEED redits. Select the explanation on the last line of the journal entry table.) Credit DebitAccounting for materials Back Country manufactures backpacks. Its plant records include the following materials-related data: Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.
- e following information applies to the questions displayed below. Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May Inventories. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching The following additional Information describes the company's production activities for May. Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales Problem 20-5A (Algo) Part 1 $ 24,100 96,400 Beginning Inventory $ 91,000 213,500 233,300 54,100 (a) Transferred to work in process-Stitching (b) Transferred to…Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases selling expenses sales Cash Accounts receivable, net Garcon Company $ 13,300 16,300 11,700 30,250 23,200 19,250 24,100 6,000 13,650 32,000 14,700 6,500 42,000 54,000 295,230 25,000 14,400 Pepper Company $ 17,350 23,250 10,500 22,000 37,000 16, 200 19, 200 7,400 12,250 54,000 13,920 3,600 65,000 59, 200 391,960 20, 200 23,950 Exercise 14-7 (Algo) Computing cost of goods…Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following dets is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, anding Work in process inventory, ending Raw materials inventory, ending Factory and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, not Direct materials Required 2 Raw materials available for use Direct materials used Factory overhead Garcon Company $ 13,500 17,100 9,000 Total factory overhead Total manufacturing costs Total cost of work in process 28,000 24 600 20,600 17. 158 Exercise 14-7 (Algo) Computing cost of goods manufactured and cost of goods sold LO P1, P2 1.…
- Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials isuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 260 $8 $2,080 25 $10 260 V 2,080 V 180 May 4 180 V 10 V 1,800 103 290 May 10 10 V 31 120 12 May 21 10 V 12 V 116 170 May 27 12 Feedback V Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May. Feedback V Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.es ! Required information [The following information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching The following additional information describes the company's production activities for May. Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 17,600 70,400 Beginning Inventory $ 26,000 83,500 103,300 28,100 (a) Transferred to work in process-Stitching (b) Transferred to…Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. Cost of goods sold: Goods available for sale Cost of goods sold Garcon Company GARCON COMPANY Income Statement For Year Ended December 31 $ 13,300 16,300 11,700 30,250 23,200 19,258
- ournal Entries and Simple Cost Sheet Based on the following information. you are réquired to preparc the following Journal entries b T-account for work in process c Simple cost sheets d. Proof of work in process inventory. end The Reuben Appliances Corp. started its operations in 200B It uses the job order costing method and has adopted the voucher system to effectively control the flowof resources. inventories and payables. The transactions for the first quarter of the year are as follows: ) Materials purchases on account. P 50.000 2) Materials issued: Job Order No. B-001 B-002. P 7,500 13.000 B-003 6.250 3) Indirect materials issued. P 5.250 4) Payroli charges include indirect labor of P7.800. Dircct labor costs are as follows Job Order No. B-001. P 5.300 8.000 B-002. .... B-003. 4.750 5) Factory overhead is charged to production at P3 per machine hour. Machine hours utilized are as follows: Job Order No. B-901..... B-002... 1,200 machine hours 2.050 machi.e hours 1.400 machine hours…Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December: Required: 1. Calculate the unit cost for December, using the FIFO method. 2. Calculate the cost of goods transferred out, calculate the cost of EWIP, and reconcile the costs assigned with the costs to account for. 3. What if you were asked for the unit cost from the month of November? Calculate Novembers unit cost and explain why this might be of interest to management.Abuah Goods manufactures clothing. For each item listed, Identify whether It is a product cost, a period cost, or not an expense. pins to keep materials together while garment Is being manufactured real estate taxes on store advertising expense product inspector wages shirts for sale Chief Financial Officer salary cost of goods sold