Amada Company's standard cost system reports this information from its December operations.Standard direct materials costDirect materials quantity varianceDirect materials price varianceActual direct labor costDirect labor efficiency varianceDirect labor rate varianceActual overhead costVolume varianceControllable varianceView transaction listJournal entry worksheet1Required:1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) directlabor, and (c) overhead. Ignore the journal entry to close the variances.23Record direct materials costs and variances.DateDecember31Note: Enter debits before credits.$ 100,000General Journal3,000 U500 F90,0007,000 F1,200 U375,00012,000 U9,000 UDebitCredit>

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Description: Amada Company's standard cost system reports this information from its December operations.Standard direct materials costDirect materials quantity varianceDirect materials price varianceActual direct labor costDirect labor efficiency varianceDirect

Standard Costing Or Variances Means The Difference Between The Standard/ Budgeted Cost And Actual…

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Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance $ 100,000 3,000 U 500 F 90,000 7,000 F 1,200 U 375,000 12,000 U 9,000 U Required: 1. Prepare December 31 journal entries to record the company's costs and va abor, and (c) overhead. Ignore the journal entry to close the variances.

Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance $ 100,000 3,000 U 500 F 90,000 7,000 F 1,200 U 375,000 12,000 U 9,000 U Required: 1. Prepare December 31 journal entries to record the company's costs and va abor, and (c) overhead. Ignore the journal entry to close the variances.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 24M

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