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Kenya company standard cost accounting system recorded

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Reference no: EM13907640

Kenya Company's standard cost accounting system recorded this information from its June operations. 

Standard direct materials cost . . . . . . . . . . . . . . . . . . . . . . . . $ 130,000
Direct materials quantity variance (favorable) . . . . . . . . . 5,000
Direct materials price variance (favorable) . . . . . . . . . . . . 1,500
Actual direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000
Direct labor efficiency variance (favorable) . . . . . . . . . . . . 3,000
Direct labor rate variance (unfavorable) . . . . . . . . . . . . . . 500
Actual overhead cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Volume variance (unfavorable) . . . . . . . . . . . . . . . . . . . . . . 12,000
Controllable variance (unfavorable) . . . . . . . . . . . . . . . . . . 8,000

Required: 

1. Prepare journal entries dated June 30 to record the company's costs and variances for the month. (Do not prepare the journal entry to close the variances.) Analysis Component: 

2. Identify the areas that would attract the attention of a manager who uses management by exception. Describe what action(s) the manager should consider.

Reference no: EM13907640

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