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Category > Management Posted 20 Jan 2018 My Price 10.00

Algers Company

Direct Materials, Direct Labor, and Overhead Variances, Journal Entries

Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet:

Image for Direct Materials, Direct Labor, and Overhead Variances, Journal Entries Algers Company produces dry fertilizer

Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows:

Units produced: 53,000

Direct materials purchased: 274,000 pounds at $2.50 per pound

Direct materials used: 270,300 pounds

Direct labor: 40,100 hours at $17.95 per hour

Fixed overhead: $161,700

Variable overhead: $122,000

Prepare journal entries for the closing out of variances to Cost of Goods Sold. If an amount box does not require an entry, leave it blank.

First, close direct materials and direct labor variances:

Second, recognize the overhead variances:
If an amount box does not require an entry, leave it blank.

Third, close the overhead variances:
Note: Close the variances with a debit balance first. For compound entries, if an amount box does not require an entry, leave it blank.

 

 
 
       

   

  

  

  
 

  

  

  
 

  

  

  
 

  

  

  
       

   

  

  
 
 

  
 

  
       
Show transcribed image text Direct Materials, Direct Labor, and Overhead Variances, Journal Entries Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet: Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: Units produced: 53,000 Direct materials purchased: 274,000 pounds at $2.50 per pound Direct materials used: 270,300 pounds Direct labor: 40,100 hours at $17.95 per hour Fixed overhead: $161,700 Variable overhead: $122,000 Prepare journal entries for the closing out of variances to Cost of Goods Sold. If an amount box does not require an entry, leave it blank. First, close direct materials and direct labor variances: Second, recognize the overhead variances: If an amount box does not require an entry, leave it blank. Third, close the overhead variances: Note: Close the variances with a debit balance first. For compound entries, if an amount box does not require an entry, leave it blank.
 

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Maurice Tutor
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Status NEW Posted 20 Jan 2018 10:01 PM My Price 10.00

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