Direct Materials Used in Production

Related BrainMass Solutions

• Cost Accounting for Wilson Production

  Since $326 worth of inventory was used in production and $10 was bought but not used in production, then $326+$10=$336 worth of raw materials were purchased during the year.

• Variance analysis

  materials used in production in July.

• Hi-Line Equipment Company (overhead costs, journal entries and materials inventory account)

  Use of raw materials in production requires crediting the amount out from the Materials inventory and debiting it into the Work in Progress account. 4) a. It shows all raw materials not used in production yet. (Assets) 5) a.

• Direct Material and Direct Labor Variances

  From the variance, we can see that although the company can purchase the direct materials at the lower cost than the standard price, the company uses more direct materials in their actual production.

• Ending Balances

  Materials Inventory, beginning balance $ 23,000 Work in Process Inventory, beginning balance $ 25,750 Finished Goods inventory, beginning balance $ 38,000 Direct Materials Purchased $ 85,000 Direct Materials placed into production $ 74,000 Direct

• Produces Large Quantities of a Standardized Product

  Prepare journal entries dated March 31 to record the following March activities: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) factory payroll costs, (e) direct labor costs used in production, (f) indirect

• True/False and Multiple Choice Accounting Problems

  A widely used activity base for developing factory overhead rates in highly automated settings is: A. Direct labor hours B. Direct labor dollars C. Direct materials D.

• Flow of Production Costs and Journal Entries

  Raw material purchases (on credit) $135,000 Factory payroll cost (paid in cash) 791,500 Other overhead cost (Other accounts credited) 43,000 Materials used Direct

• Important information about Classification of Manufacturing Costs

  Miscellaneous materials used in production Product cost, variable, manufacturing overhead b. Salesperson's commission in a real estate firm Period cost, variable c.