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Irina18 [472]
2 years ago
11

Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Har

t Company made 3,400 bookshelves using 22,400 board feet of wood costing $315,840. The company's direct materials standards for one bookshelf are 8 board feet of wood at $14.00 per board foot. Exercise 23-14A Recording and closing materials variances LO P6 Hart Company uses a standard costing system.
(1) Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances.
(2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end.
Business
1 answer:
natta225 [31]2 years ago
8 0

Answer and Explanation:

The Journal entries is shown below:-

1. Goods in Process Inventory Dr, (3,400 × 8 × $14) $380,800

Direct Materials Price Variance $2,240

$22,400 × ($14.00 - $315,840 ÷ $22,400))

           To Direct Materials Quantity Variance $67,200

$14.00 × ((3,400 × 8) - 22,400)

            To Raw Materials Inventory $315,840

(Being direct material charged is recorded)

2. Direct Materials Quantity Variance   $67,200

         To Direct Materials Price Variance  $2,240

         To Cost of Goods Sold  $64,960

(being the closing is recorded)

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katen-ka-za [31]

Answer:

b. $600,000

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The price that the company ACH pay by the product ($650,000) it's not at change on the price if not due to the payments term which is one year later, so the company ACH has to pay a financial cost because the payment will be made one year later.

6 0
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Peter pine is doing his budget. he discovers that he has spent an average of $225.00 a month on entertainment for the year with
Olin [163]

The z for $60.00 = -2.2

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2 years ago
In ________ ranking, raters look at a list of employees, decide who the best employee is, and cross that person's name off the l
Katyanochek1 [597]

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4 0
3 years ago
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myrzilka [38]

Answer:

Option (B) is correct.

Explanation:

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3 0
3 years ago
A post-closing trial balance should be prepared
yanalaym [24]

Answer:

<h2>Post-Closing trial balance is usually prepared after the closing entries are posted to the ledger account.Hence,the correct answer is the third option or after closing entries are posted to the ledger accounts.</h2>

Explanation:

In Accounting,the main objective of preparing a post-closing trial balance is to ensure the completion and closure of all the temporary accounts and the equality between all the debit and credit entries have been consistently established once the closing entry has been done.Once the closing entries have been put into journal and finally posted in ledger,a detailed account or list of all the individual accounts along with their respective balances is prepared which is basically known as Post Closing Trial Balance Account.It includes all the unbalanced accounts from the original trial balance or the accounts which are not balanced based on debt and credit entries,at the end of the accounting or reporting year.Therefore,post-trial balance basically ensures that all the accounts entered in the original trial balance are zero balance or the debit and credit entries of all the individual accounts in trial balance are balanced or equal.

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