Prepare journal entries to record all transactions, including the variances. ...
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Accounting
Prepare journal entries to record all transactions, including the variances.
Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (i.e., direct materials and direct labor) of its single product are: Material Labor (7 kilograms * $5.00 per kilogram) (5 hours x $17.60 per hour) $35.00 88.00 All materials are added at the beginning of processing. The following data were taken from the company's records for November: In-process beginning inventory In-process ending inventory Units completed Budgeted output Purchases of materials Total actual direct labor costs Actual direct labor hours Materials usage variance Total materials variance None 750 units, 80% complete as to direct labor 7,100 units 7,500 units 65,000 kilograms $ 590,000 37,400 hours $ 3,000 Unfavorable $ 920 Unfavorable
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