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Recording Standards in Accounts

Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions:

a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. If an amount box does not require an entry, leave it blank.

a.	Materials	fill in the blank 9942c4fd9fd8f94_2	fill in the blank 9942c4fd9fd8f94_3
	Direct Materials Price Variance	fill in the blank 9942c4fd9fd8f94_5	fill in the blank 9942c4fd9fd8f94_6
	Accounts Payable	fill in the blank 9942c4fd9fd8f94_8	fill in the blank 9942c4fd9fd8f94_9

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Debit (unfavorable) or credit (favorable) the direct materials price variance.

Debit (unfavorable) or credit (favorable) the direct materials quantity variance.

b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner. If an amount box does not require an entry, leave it blank.

b.	Work in Process	fill in the blank 05cb57fd7055fe5_2	fill in the blank 05cb57fd7055fe5_3
	Direct Materials Quantity Variance	fill in the blank 05cb57fd7055fe5_5	fill in the blank 05cb57fd7055fe5_6
	Materials	fill in the blank 05cb57fd7055fe5_8	fill in the blank 05cb57fd7055fe5_9

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