1- -- Wardo Manufacturing Corp. (WMC) makes large clay figurines for outdoor gardens. WMC purchases...
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1- -- Wardo Manufacturing Corp. (WMC) makes large clay figurines for outdoor gardens. WMC purchases all materials on account and pays staff in the month following the month that they work. Actual and standard data for November appear in the table below. TASKS: Please prepare WMC's journal entries for recording its November - [1] - purchase of 150,000 lbs. of material, including any variances from standard [2] - transfer of materials used to work in process (WIP), including any variances from standard [3] - direct labor costs transferred to work in process (WIP), including any variances from standard 10 11 12 13 ACTUAL DATA Costs Units 16,500 # units $17,250,000 150,000 lbs. [$ calculate] 140,250 lbs. $1,700,000 65,000 DLH Finished units produced - November Material purchased Materials used Labor STANDARD DATA Costs Units 16,000 #units $12.00 per lb. 150,000 lbs. ($ calculate] 8.0 lbs. $26.00 per DLH 4.0 DLHs 14 15 JOURNAL debit credit 16 17 18 Ref 19 [1] 20 21
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