During the most recent month, 4,200 units were produced. The costs associated wi
ID: 2530896 • Letter: D
Question
During the most recent month, 4,200 units were produced. The costs associated with the month’s production of this product were as follows:
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.)
Record the purchase of materials on account for the month.
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.)
Record the use of materials for the month.
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.)
Record the incurrence of direct labor cost for the month
Bliny Corporation makes a product with the following standard costs for direct material and direct labor:Explanation / Answer
(1) Transaction General Journal Debit in $ Credit in $
1 Raw materials(13800*3.85) 53130
Materials price variance(13800*0.30) 4140
Accounts payable (13800*3.55) 48990
2. Work in process (13200*3.85) 50820
Materials quantity variance(600*3.85) 2310
Raw materials (13800*3.85) 53130
3. Work in process(1260*13.80) 17388
Labor rate variance(1225*.20) 245
Labor efficiency variance(35*13.80) 483
Wages payable(1225*14) 17150
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