Maurice Tutor

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Category > Accounting Posted 19 Aug 2017 My Price 9.00

Griffon Corp

45.    LO.2 (DM & DL variances; journal entries) Griffon Corp. makes small plastic dog toys with the following material and labor standards:

 

 

Standard Quantity

Standard Cost

Material Labor

0.5 pound 12 minutes

$4.00 per pound

9.00 per hour

 

During October, 60,000 pounds of material were acquired on account at $4.15 per pound. During October, 50,120 pounds of that were used in production during the month to make 100,000 toys. Factory payroll for October showed 20,600 direct labor hours at a total cost of $182,310.

a.     Compute material and labor variances, basing the material price variance on the quantity of material purchased.

b.    Assuming a perpetual inventory system is used, prepare the relevant general journal entries for October.

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 12:08 AM My Price 9.00

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