EBK FINANCIAL & MANAGERIAL ACCOUNTING
13th Edition
ISBN: 9780100545052
Author: WARREN
Publisher: YUZU
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Chapter 22, Problem 22.5APE
To determine
In the accounting records, the term standard cost refers to the practice of replacement of an expected cost for an actual cost. Then the difference between the expected costs, and actual costs showing the variance are also recorded periodically. A standard costs is also known as target cost or predetermined cost.
To journalize: The entry to record the standard direct materials used in production.
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Standard Cost Journal Entries
Bellingham Company produced 5,900 units that require 12 standard pounds per unit at a $10 standard price per pound. The company actually used 73,600 pounds in production.
Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
Standard Cost Journal Entries
Bellingham Company produced 2,000 units that require five standard pounds per unit at a $6.5 standard price per pound. The company actually used 10,200 pounds in production.
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Standard Cost Journal Entries
Dvorak Company produced 4,900 units that require 14 standard pounds per unit at $11 standard price per pound. The company actually used 67,200 pounds in production.
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Chapter 22 Solutions
EBK FINANCIAL & MANAGERIAL ACCOUNTING
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