Completed Orders

prepare journal entries help please thank you 529577

The Lahn Company produces and sells a single product. Standards have been established for the product as follows:

Direct materials: 5 pounds @ $3.50 per pound = $17.50

Don't use plagiarized sources. Get Your Custom Essay on
prepare journal entries help please thank you 529577
For $10/Page 0nly
Order Essay
Direct labor: 3 hours @ $5.50 per hour = $16.50

Actual cost and usage figures for the past month follow:

Units Produced 750

Direct Materials Used 4,000

Direct Materials Purchased(4500 lbs) $14,400 lbs

Direct Labor Cost(2,000 hrs) $11,200

Prepare journal entries to record:

A)The purchase of raw materials.

(Click to select)Materials quantity varianceMaterials price varianceAccounts receivableAccounts payableRaw materials inventoryLabor rate varianceLabor efficiency varianceWork in process
(Click to select)Materials price varianceLabor efficiency varianceLabor rate varianceAccounts receivableRaw materials inventoryWork in processAccounts payable
(Click to select)Raw materials inventoryAccounts payableWork in processAccounts receivableMaterials price varianceLabor efficiency varianceLabor rate variance

b.

The usage of raw materials in production.

(Click to select)Accounts payableLabor efficiency varianceMaterials quantity varianceLabor rate varianceMaterials price varianceAccounts receivableWork in process
(Click to select)Labor efficiency varianceMaterials price varianceWork in processAccounts receivableAccounts payableLabor rate varianceMaterials quantity variance
(Click to select)Accounts receivableAccounts payableMaterials price varianceLabor rate varianceWork in processMaterials quantity varianceRaw materials inventoryLabor efficiency variance
c. The incurrence of direct labor cost.

(Click to select)Accounts receivableLabor rate varianceLabor efficiency varianceMaterials price varianceWork in processRaw materials inventoryAccounts payable
(Click to select)Raw materials inventoryLabor rate varianceAccounts payableLabor efficiency varianceWork in processAccounts receivableMaterials price variance
(Click to select)Materials price varianceLabor rate varianceMaterials quantity varianceAccounts payableAccounts receivableAccrued wages payableLabor efficiency variance
(Click to select)Materials quantity varianceLabor rate varianceAccrued wages payableAccounts payableMaterials price varianceLabor efficiency varianceAccounts receivable
admin

Leave a Comment
Share
Published by
admin
Tags: Cheap Homework EssaysCustom Essays ServicesHomework Help
5 years ago

Recent Posts

Economic Debate #3- Progressive Income Tax – The Homework Helper

Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…

2 years ago

MKT 6120 – Marketing Management – Davis Learning Engagement #7

TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…

4 years ago

jvjvjhvjhvhjvj

Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…

4 years ago

Students are supposed to select a technological organization of their choice.

The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…

4 years ago

Increases the risk of wildfires

you need to post your 2-page information flier to share with your Final Project Group.…

4 years ago

Statistics for Technology management

discussion: Discuss the methods used at your company to measure and ensure quality products and…

4 years ago

About Us