Record the materials costs, including the unfavorable quantity and favorable price variances. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 9EB: Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured...
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  • Record the overhead costs, including the unfavorable volume and unfavorable controllable variances.

same way as the chart above

  • Record the direct labor costs, including the favorable efficiency variance and unfavorable rate variance. 

same way as the chart above

Boss Company's standard cost accounting system recorded this information from its December operations.
$ 114,000
3,900
Standard direct materials cost
Direct materials quantity variance (unfavorable)
Direct materials price variance (favorable)
Actual direct labor cost
Direct labor efficiency variance (favorable)
Direct labor rate variance (unfavorable)
Actual overhead cost
Volume variance (unfavorable)
Controllable variance (unfavorable)
750
85,800
6,950
1,300
376,000
11,500
8,950
Required:
1. Prepare December 31 journal entries to record the company's costs and variances for the month. (Do not prepare the jo
close the variances.)
View transaction list
Journal entry worksheet
3
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Next
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F6
F7
F8
F1
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23
7
8
3
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Transcribed Image Text:Boss Company's standard cost accounting system recorded this information from its December operations. $ 114,000 3,900 Standard direct materials cost Direct materials quantity variance (unfavorable) Direct materials price variance (favorable) Actual direct labor cost Direct labor efficiency variance (favorable) Direct labor rate variance (unfavorable) Actual overhead cost Volume variance (unfavorable) Controllable variance (unfavorable) 750 85,800 6,950 1,300 376,000 11,500 8,950 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month. (Do not prepare the jo close the variances.) View transaction list Journal entry worksheet 3 < Prev 8 of 8 Next L ere to search F9 F10 F11 F5 F6 F7 F8 F1 F2 F3 F4 & 23 7 8 3 W T Y F JKL V B N M Z. C * CO HI 团 44
1
3
Record the materials costs, including the unfavorable quantity and favorable
price variances.
Note: Enter debits before credits.,
Date
General Journal
Debit
Credit
Dec 31
ces
Record entry
Clear entry
View general journal
< Prev
8 of 8
Next
tion
= here to search
F9
F10
F11
F1
F2
F3
F4
F5
F6
F7
F8
23
$4
2
3
4
5
7
8.
T
Y
A
F
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H J K
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2.
Transcribed Image Text:1 3 Record the materials costs, including the unfavorable quantity and favorable price variances. Note: Enter debits before credits., Date General Journal Debit Credit Dec 31 ces Record entry Clear entry View general journal < Prev 8 of 8 Next tion = here to search F9 F10 F11 F1 F2 F3 F4 F5 F6 F7 F8 23 $4 2 3 4 5 7 8. T Y A F G H J K Z. C V N M V L. 团 2.
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