cl D ezto.rmheducation.com/hm.tpx 29 Bliny Corporation makes a product vith the

Question

cl D ezto.rmheducation.com/hm.tpx 29 Bliny Corporation makes a product vith the following standard costs for direct material and direct labor Direct material: 1.50 meters at $5.50 per meter Direct labor 30 hours at $13.00 per hour $8.25 $3.90 During the most recent month, 7,800 units were produced The costs associated with the month's production of this product were as follows: Material purchased 15,200 meters at $5.30 per meter$80,560 Material used in production 11.800 meters Direct labor 2.290 hours at $13 20 per hour 30,228 The standard cost variances for direct material and direct labor are Materials price variance 15,200 meters at 50.20 per meter F Materials quantity variance: 100 meters at $5,50 per meter U Labor rate variance: 2,290 hours at $0 20 per hour U Labor efficiency variance: 50 hours at $13 per hour F $3040 F 550 U S 458 U S 650 F Required: 1 Prepare the journal entry to record the purchase of materials on account for the month (If no entry is required for a transactionlevent, select "No journal entry required in the fist account field.) view transaction list view general jourmal ransaction General Journal Raw materials 83,600 Materials price variance 3,040 Accounts payable 80.560

Explanation / Answer

Journal Entries

Material used = 11,800 mtr X 5.30 mtr = 62,540

Work In process Dr $ 62,540

Raw material Cr $ 62,540

Direct Labor cost = $ 30,228

Work in process Dr $ 30,228

Direct Labor Cr $ 30,228

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