Managerial Accounting 14th Edition by Ray Garrison ,Eric Noreen ,Peter Brewer 4

Exercise 1

RecordingVariances in the General ledger
Kinkel Corporation makes a product with the following standard costs for direct material and direct labor:
During the most recent month, 8,000 units were produced. The costs associated with the month's production of this product were as follows:
The standard cost variances for direct material and direct labor are:
Required:
1.Prepare the journal entry to record the purchase of materials on account for the month.
2. Prepare the journal entry to record the use of materials for the month.
3.Prepare the journal entry to record the incurrence of direct labor cost for the month.