2.Prepare the journal entry to record the use of materials for the month. (If no

Question

2.Prepare the journal entry to record the use of materials for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)  

3.Prepare the journal entry to record the incurrence of direct labor cost for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)  

Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Direct material: 2.50 meters at $3.40 per meter Direct labor: 0.30 hours at $13.00 per hour $ 8.50 $ 3.90 During the most recent month, 4,400 units were produced. The costs associated with the month's production of this product were as follows: Material purchased: 12,800 meters at S3.25 per meter Material used in production: 11,400 meters Direct labor: 1,275 hours at $13.20 per hour $41,600 $16,830 The standard cost variances for direct material and direct labor are Materials price variance: 12,800 meters at $0.15 per meter F Materials quantity variance: 400 meters at $3.40 per meter U Labor rate variance: 1,275 hours at $0.20 per hour U Labor efficiency variance: 45 hours at $13.00 per hourF $1,920 F $1,360 U $ 255 U $ 585 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 transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of materials on account for the month Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

1) Journal Entry :-

2) Journal Entry :-

3) Journal Entry :-

Particulars Debit($) Credit($) Raw Material A/c Dr. 43520 To Material Price Variance A/c 1920 To Accounts Payable A/c 41600

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