prepare journal entries help please thank you 529577
Aug 29, 2021 | Uncategorized
The Lahn Company produces and sells a single product. Standards have been established for the product as follows: |
Direct materials: 5 pounds @ $3.50 per pound = $17.50
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Direct labor: 3 hours @ $5.50 per hour = $16.50 |
Actual cost and usage figures for the past month follow:
Units Produced 750
Direct Materials Used 4,000
Direct Materials Purchased(4500 lbs) $14,400 lbs
Direct Labor Cost(2,000 hrs) $11,200
Prepare journal entries to record:
A)The purchase of raw materials.
(Click to select)Materials quantity varianceMaterials price varianceAccounts receivableAccounts payableRaw materials inventoryLabor rate varianceLabor efficiency varianceWork in process |
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(Click to select)Materials price varianceLabor efficiency varianceLabor rate varianceAccounts receivableRaw materials inventoryWork in processAccounts payable |
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(Click to select)Raw materials inventoryAccounts payableWork in processAccounts receivableMaterials price varianceLabor efficiency varianceLabor rate variance |
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b. |
The usage of raw materials in production.
(Click to select)Accounts payableLabor efficiency varianceMaterials quantity varianceLabor rate varianceMaterials price varianceAccounts receivableWork in process |
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(Click to select)Labor efficiency varianceMaterials price varianceWork in processAccounts receivableAccounts payableLabor rate varianceMaterials quantity variance |
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(Click to select)Accounts receivableAccounts payableMaterials price varianceLabor rate varianceWork in processMaterials quantity varianceRaw materials inventoryLabor efficiency variance
c. |
The incurrence of direct labor cost. |
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(Click to select)Accounts receivableLabor rate varianceLabor efficiency varianceMaterials price varianceWork in processRaw materials inventoryAccounts payable |
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(Click to select)Raw materials inventoryLabor rate varianceAccounts payableLabor efficiency varianceWork in processAccounts receivableMaterials price variance |
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(Click to select)Materials price varianceLabor rate varianceMaterials quantity varianceAccounts payableAccounts receivableAccrued wages payableLabor efficiency variance |
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(Click to select)Materials quantity varianceLabor rate varianceAccrued wages payableAccounts payableMaterials price varianceLabor efficiency varianceAccounts receivable |
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