Exam 24: Journal Entries to Record Variances

Bordes Corporation has provided the following data concerning its most important raw material, compound R85F: The raw material was purchased on account. -The Materials Quantity Variance for May would be recorded as a:

Stanfa Corporation's standard wage rate is $10.50 per direct labor-hour (DLH)and according to the standards,each unit of output requires 8.0 DLHs.In January,3,700 units were produced,the actual wage rate was $10.80 per DLH,and the actual hours were 25,280 DLHs.In the journal entry to record the incurrence of direct labor costs in January,the Work in Process entry would consist of a:

Compound Q11H is a raw material used to make Grater Corporation's major product. The standard cost of compound Q11H is $23.00 per ounce and the standard quantity is 3.8 ounces per unit of output. Data concerning the compound for October appear below: The raw material was purchased on account. -The Materials Price Variance for October would be recorded as a:

When the actual direct labor-hours exceeds the standard direct labor-hours allowed for the actual output of the period,the journal entry would include:

Mate Corporation's standard wage rate is $11.90 per direct labor-hour (DLH) and according to the standards, each unit of output requires 4.5 DLHs. In May, 2,900 units were produced, the actual wage rate was $11.50 per DLH, and the actual hours were 15,530 DLHs. -In the journal entry to record the incurrence of direct labor costs in May,the Work in Process entry would consist of a:

When the actual direct labor-hours is less than the standard direct labor-hours allowed for the actual output of the period,the journal entry would include:

If the actual direct labor-hours used is less than the standard direct labor-hours allowed for the actual output,then the journal entry to record the Labor Efficiency Variance would be a debit.

Forker Corporation has provided the following data concerning its direct labor costs for April: The Labor Efficiency Variance for April would be recorded as a:

Dullen Corporation has provided the following data concerning its most important raw material,compound I51D: The raw material was purchased on account. Required: a.Record the purchase of the raw material in a journal entry. b.Record the use of the raw material in production in a journal entry.

Bordes Corporation has provided the following data concerning its most important raw material, compound R85F: The raw material was purchased on account. -The credits to the Raw Materials account for May would total:

Data concerning the direct labor costs for April of Dimaio Corporation appear below: The journal entry to record the incurrence of direct labor costs in April would include the following for Work in Process:

Bordes Corporation has provided the following data concerning its most important raw material, compound R85F: The raw material was purchased on account. -The Materials Price Variance for May would be recorded as a: