required complete journal entries 1 through 3 Chapter 08 Pre-built Assignment D

Question

required complete journal entries 1 through 3

Chapter 08 Pre-built Assignment D ezto.mheducation.com/hm.tpx Bliny Corporation makes a product with the following standard costs for direct material and direct labor Direct material: 1.30 meters at 55 80 per meter Direct labor 30 hours at $13,00 per hour $ 7.54 $ 3.90 During the most recent month, 8,100 units were produced. The costs associated with the month's production of this product were as follows Material purchased 15,200 meters at $5.60 per meter Material used in production: 10 630 meters Direct labor 2,380 hours at $13.20 per hour 5 31,416 The standard cost variances for direct materiall and direct labor are Materials price variance 15,200 meters at 50 20 per meter F Materials quantity variance 100 meters at $5 80 per meter U Labor rate variance: 2 380 hours at $0.20 per hour U Labor efficiency variance: 50 hours at $13 per hour F $3,040 F $ 580 U s 476 U S 650 F Required: . 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. General Debit O Type here to search

Explanation / Answer

Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Raw Materials          88,160.00 $5.80 X 15,200 mtrs Material Price Variance        3,040.00 Accounts Payable      85,120.00 (record the raw materials purcahsed) 2 Work in Process          61,074.00 $5.80 X 10,530 Mtrs Material Quantity Variance                580.00 Raw Materials      61,654.00 $5.80 X 10,630 mtrs (record the raw materials issued to WIP) 3 Work in Process          31,590.00 $13 X 2,430 hrs Labor Rate Variance                476.00 Labor Efficiency Variance            650.00 Accrued Payroll      31,416.00 (record the Labor used in Production)

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