Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Aug 2017 My Price 14.00

Genola Fashions

Genola Fashions began production of a new product on June 1. The company uses a standard cost system and has established the following standards for one unit of the new product:

During June, the following activity was recorded regarding the new product:
(a) Purchasing acquired 10,000 yards of material at a cost of $13.80 per yard.
(b) Production used 8,000 yards of the material to manufacture 3,000 units of the new product.
(c) Production reported that 5,000 direct labor-hours were worked on the new product at a cost of $43,000.
Required:
1. For direct materials:
(a)Compute the direct materials price and quantity variances.
(b) Prepare journal entries to record the purchase of materials and the use of materials in production.
2. For direct labor:
(a) Compute the direct labor rate and efficiency variances.
(b) Prepare a journal entry to record the incurrence of direct labor cost for the month.
3. Post the entries you have prepared to the following T-accounts:

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Aug 2017 09:08 PM My Price 14.00

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