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wey - Name Solution Date Instructor Course Accounting...

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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 (variabl \$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 ounds 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)] 714 Raw Materials Inventory (6,270 pounds * \$1.40 per pound) 8,778 3 Factory Labor (2,130 hours * 9 per hour) 18,318 Labor Price Variance [2,130 hours * (8.60 - \$7.90)] 1,491 Wages Payable (2,130 hours * \$7.90 per hour)
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