Use the following to answer questions 53-56: Appendix) The Dexon Company makes a

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Use the following to answer questions 53-56:

Appendix) The Dexon Company makes and sells a single product called a Mip and employs a standard costing system. The following standards have been established for one unit of Mip:

Standard Quantity
or Hours Standard Cost
per Mip
Direct materials 6 board feet $9.00
Direct labor 0.8 hours $9.60
There were no inventories of any kind on August 1. During August, the following events occurred:

Purchased 15,000 board feet at the total cost of $24,000.
Used 12,000 board feet to produce 2,100 Mips.
Used 1,700 hours of direct labor time at a total cost of $20,060.

To record the purchase of direct materials, the general ledger would include what entry to the Materials Price Variance Account?

a $1,500 credit
b $1,500 debit
c $6,000 credit
d $6,000 debit

Question 54: 1 pts To record the use of direct materials in production, the general ledger would include what entry to the Materials Quantity Variance account? <br>
To record the use of direct materials in production, the general ledger would include what entry to the Materials Quantity Variance account?
a $3,600 debit
b $3,600 credit.
c $900 debit
d $900 credit

Question 55: 1 pts To record the incurrence of direct labor cost and its use in production, the general ledger would include what entry to the Labor Rate Variance account? <br>
To record the incurrence of direct labor cost and its use in production, the general ledger would include what entry to the Labor Rate Variance account?
a $240 credit
b $240 debit
c $340 debit
d $340 credit

Question 56: 1 pts To record the incurrence of direct labor costs and its use in production, the general ledger would include what entry to the Labor Efficiency Variance account? <br>
To record the incurrence of direct labor costs and its use in production, the general ledger would include what entry to the Labor Efficiency Variance account?
a $480 credit
b $240 debit
c $1,200 debit
d $1,200 credit

Explanation / Answer

answers are a c c d by using standard calculations and equations

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