Solved

Tulip IncUses Standard Costing,and Its Manufacturing Standards Are as Follows: 2

Question 59

Multiple Choice

Tulip Inc.uses standard costing,and its manufacturing standards are as follows: 2 pounds of materials at $13 per pound,and 3 hours of labor at $10 per hour.Budgeted production last period was 5,000 units,and actual production and sales was 4,800 units.Last period,Tulip purchased and used 9,800 pounds of materials for $135,000,and used 15,000 labor hours,costing $145,000.What is the journal entry to record direct labor costs to the Cost of Goods Sold account?


A) Tulip Inc.uses standard costing,and its manufacturing standards are as follows: 2 pounds of materials at $13 per pound,and 3 hours of labor at $10 per hour.Budgeted production last period was 5,000 units,and actual production and sales was 4,800 units.Last period,Tulip purchased and used 9,800 pounds of materials for $135,000,and used 15,000 labor hours,costing $145,000.What is the journal entry to record direct labor costs to the Cost of Goods Sold account? A) B) C) D)
B) Tulip Inc.uses standard costing,and its manufacturing standards are as follows: 2 pounds of materials at $13 per pound,and 3 hours of labor at $10 per hour.Budgeted production last period was 5,000 units,and actual production and sales was 4,800 units.Last period,Tulip purchased and used 9,800 pounds of materials for $135,000,and used 15,000 labor hours,costing $145,000.What is the journal entry to record direct labor costs to the Cost of Goods Sold account? A) B) C) D)
C) Tulip Inc.uses standard costing,and its manufacturing standards are as follows: 2 pounds of materials at $13 per pound,and 3 hours of labor at $10 per hour.Budgeted production last period was 5,000 units,and actual production and sales was 4,800 units.Last period,Tulip purchased and used 9,800 pounds of materials for $135,000,and used 15,000 labor hours,costing $145,000.What is the journal entry to record direct labor costs to the Cost of Goods Sold account? A) B) C) D)
D) Tulip Inc.uses standard costing,and its manufacturing standards are as follows: 2 pounds of materials at $13 per pound,and 3 hours of labor at $10 per hour.Budgeted production last period was 5,000 units,and actual production and sales was 4,800 units.Last period,Tulip purchased and used 9,800 pounds of materials for $135,000,and used 15,000 labor hours,costing $145,000.What is the journal entry to record direct labor costs to the Cost of Goods Sold account? A) B) C) D)

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q54: The formula AQ × (SP − AP)is

Q55: The formula AH × (SR − AR)is

Q56: Which of the following types of standards

Q57: The difference between the actual variable overhead

Q58: Fixed overhead does not have separate price

Q60: Melrose Inc.uses standard costing.Last period,it spent $145,000

Q61: A standard cost card shows what the

Q62: A budget depends upon:<br>A)only the level of

Q63: The fixed overhead volume variance is the

Q64: Raven applies overhead based on direct labor