wey - Name: Solution Date: Instructor: Course: (Job No. 12)...

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Unformatted text preview: Name: Solution Date: Instructor: Course: (Job No. 12) for 1,920 units of Product B was received. The standard cost of one unit of Product B is as follows. Direct materials 3 pounds at $1.40 per pound $4.20 Direct labor 1 hour at $8.60 per hour 8.60 Overhead 2 ours (variab $4.00 per machine hour; 12.50 fixed $2.25 per machine hour) Standard cost per unit $25.30 Normal capacity for the month was 4,200 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 6,270 pounds of raw materials on account a $1.46 per pound. 6,270 pounds of raw materials for Job No. 12. 2,130 hours of direct labor at a rate of $7.90 per hour. 2,130 hours of direct labor on Job No. 12. $30,200 $73,800 $2,400 Instructions: 1 Raw Materials Inventory (6,270 pounds * $1.40 per pound) 8,778 Material Price Variance [6,270 * ($1.46 - $1.40)] 376 Accounts Payable (6,270 pounds * $1.46 per pound) 9,154 2 Work in Process Inventory (1,920 units * 3 pounds * $1.40 per pound) 8,064 Material Quantity Variance [(6,270 - 8,064) * $1.40)]Material Quantity Variance [(6,270 - 8,064) * $1....
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