Prepare the journal entry for a purchase of 6000 widgets

Assignment Help Accounting Basics

Reference no: EM13574504

1.)Japan Company produces lamps that require 2.25 standard hours per unit at an hourly rate of $15.00 per hour. If 7,700 units required 19,250 hours at an hourly rate of $14.90 per hour, what is the direct labor for the following: Enter favorable variances as negative numbers.

a. Rate variance	$	SelectFavorableUnfavorableItem
b. Time variance	$	SelectFavorableUnfavorableItem
c. Cost variance	$	SelectFavorableUnfavorableItem

2.)Oak Company produces a chair that requires 6 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards.

Hide

Journalize the entry to record the standard direct materials used in production. If required, round your answers to two decimal places. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

3)Ruby Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,400 chairs were manufactured, using 43,700 yards at a cost of $7.30 per yard. Enter favorable variances as negative numbers.

Determine the following:

a. Price variance	$	SelectFavorableUnfavorable
b. Quantity variance	$	SelectFavorableUnfavorable
c. Cost variance	$	SelectFavorableUnfavorable

4)This company records inventory purchases at standard cost and also records purchase price variances.

Hide

Prepare the journal entry for a purchase of 6,000 widgets that were bought at $8.00 and have a standard cost of $8.15. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

Reference no: EM13574504

Questions Cloud

Given below is the formula for computing the confidence : westco is a well established company with thousands of employees and they want to estimate the average age of their

Create income statement balance sheet and statement of cash : 1. create income statement balance sheet and statement of cash flow from following information.2. what recommendation

Primm company produces a product that requires four : primm company produces a product that requires four standard gallons per unit. the standard price is 24.50 per gallon.

Office automation inc is obliged to choose between two : office automation inc. is obliged to choose between two copiers xx40 or rh45. xx40 costs less than rh45 but its

Prepare the journal entry for a purchase of 6000 widgets : 1.japan company produces lamps that require 2.25 standard hours per unit at an hourly rate of 15.00 per hour. if 7700

Rondeli corporation is considering investing in a new : rondeli corporation is considering investing in a new facility. the estimated cost of the facility is 2045000. it will

Assuming the following probability distribution of the : expected return and standard deviation. assuming the following probability distribution of the possible returns

Orasco company is considering purchasing new equipment for : orasco company is considering purchasing new equipment for 450000. it is expected that the equipment will produce net

If treasury bills yield 10 percent and alpha companys : if treasury bills yield 10 percent and alpha companys expected return for next year is 18 percent and its beta is 2

User Account

All Pages