Making journal entries Assume that during the month of April the production report of Austin Adhesives, Inc., in E8-10 revealed the following information:_______. Units produced during the month . . . .......................... 21,000 Direct labor hours for the month . . . . . . . . . . . . . . . . . .41,000 Materials purchased (in pounds) . . . . . ..................... 130,000 Materials used (in pounds) ........................................ 125,000 Labor rate per hour ..................................................... $10.04 Materials cost per pound . . . . . . . . . ........................... $ 1.98 Make journal entries to charge materials (use the materials purchase price variance) and labor to Work in Process. (Remember to retrieve the standard costs)

Question

24-06-2020
Business

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Making journal entries Assume that during the month of April the production report of Austin Adhesives, Inc., in E8-10 revealed the following information:_______. Units produced during the month . . . .......................... 21,000 Direct labor hours for the month . . . . . . . . . . . . . . . . . .41,000 Materials purchased (in pounds) . . . . . ..................... 130,000 Materials used (in pounds) ........................................ 125,000 Labor rate per hour ..................................................... $10.04 Materials cost per pound . . . . . . . . . ........................... $ 1.98 Make journal entries to charge materials (use the materials purchase price variance) and labor to Work in Process. (Remember to retrieve the standard costs)

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TomShelby TomShelby · Answer 1 · 2020-06-27T04:06:28+02:00

Missing Information:

The normal capacity of is 40,000 direct labor hours and 20,000 units per month. A finished unit requires 6 lb of materials at an estimated cost of $2 per pound. The estimated cost of labor is $10.00 per hour.

Answer:

Raw materials Inventory 260,000 debit

D:M price variance 2,600 debit

Account Payable 257,400 credit

--to record the purchase ---

WIP-Inventory 248,000 debit

DM quality variance 2,000 debit

Raw materials Inventory 250,000 debit

--to record requisition of materials--

WIP-Inventory 420,000 debit

D:L rate variance 1,640 debit

Wages Payables 411,640 credit

DL efficiency variance 10,000 credit

--to record the charge of labor into WIP--

Explanation:

130,000 pounds x $1.98 (actual) = $257,400‬

130,000 pounds x $2.00 (standard) = $260,000

variance 2,600 favorable

Quantity Variance:

actual: 125,000 x $2 = 250,000

standard: 21,000 x 6 = 124,000 pounds x $2 = 248,000

variance: 2,000 unfavorable

41,000 hours x $10.04 each = $411,640

41,000 hours x $10.00 each = $410,000

rate variance 1,640 unfavorable

efficiency variance:

21,000 x 2 hours = 42,000 hours x $10 = 420,000

actual 41,000 x $10 = 410,000

favorable 10,000