During the second quarter the company purchased 17000

Assignment Help Accounting Basics

Reference no: EM13606834

Madzinga's Draperies manufactures curtains. Curtain #4571 requires the following:

Direct material standard 10 square yards at $ 5 per yard
Direct Labor standard 5 hours at $ 10 per hour

During the second quarter, the company purchased 17,000 square yards at a cost of $ 83,3000 and used 16,500 square yards to produce 1,500 Curtain #4571s. Direct labor totaled 7,600 hours for $ 79,800.

a. compute the material price and usage variances.

b. Prepare the journal entries for the purchase and use of direct material.

c. Compute labor rate and labor efficiency variances.

d. Prepare the journal entry to accrue direct labor cost and record the labor variances for the quarter.

e. Comment on the above variances. Identify possible causes and relationships among the variances that you computed.

Reference no: EM13606834

Questions Cloud

Sketch the process on a p-v diagram indicating the relative : a piston-cylinder arrangement initially contains water at p 300 psia and t 500of. the piston is moved to a final

In this problem we explore the effect on the standard : in this problem we explore the effect on the standard deviation of adding the same constant to each data value in a

Topics is products and pricing argument of the debate - to : topics is products and pricing argument of the debate - to what extent downsizing can be perceived as deceptive and

Hancock manufacturing allocates overhead to production on : 1.a companys prime costs total 4500000 and its conversion costs total 5500000. if direct materials are 2000000

During the second quarter the company purchased 17000 : madzingas draperies manufactures curtains. curtain 4571 requires the followingdirect material standard

What thickness of extruded polystyrene sheet must be : a new building to be located in a cold climate is being designed with a basement that has an l 200-mm-thick wall. inner

Use the following information to prepare the manufacturing : use the following information to prepare the manufacturing statement for forsythe company for the month ended june

The following data were taken from the accounting records : the following data were taken from the accounting records of lorenzo company. except where indicated the balances are

A retarding force is applied to a body moving in a straight : a retarding force is applied to a body moving in a straight line so that during an interval of its motion its speed v

User Account

All Pages