Bliny Corporation Prepare material and labor journal entries
Not what you're looking for?
Bliny Corporation makes a product with the following standard costs for direct material and direct labor:
Direct material: 1.20 meters at $5.30 per meter $6.36
Direct labor: .40 hours at $14.00 per hour $5.60
________________________________________
During the most recent month, 8,300 units were produced. The costs associated with the month's production of this product were as follows:
Material purchased: 15,000 meters at $5.10 per meter $76,500
Material used in production: 10,060 meters -
Direct labor: 3,270 hours at $14.20 per hour $46,434
________________________________________
The standard cost variances for direct material and direct labor are:
Materials price variance: 15,000 meters at $0.20 per meter F $3,000 F
Materials quantity variance: 100 meters at $5.30 per meter U $530 U
Labor rate variance: 3,270 hours at $0.20 per hour U $654 U
Labor efficiency variance: 50 hours at $14 per hour F $700 F
________________________________________
REQUIRED: Prepare material and labor journal entries
Purchase this Solution
Solution Summary
The solution shows you how to prepare journal entries for standard costing of materials and labor, including a tip on managing variance entries. The solution is in excel to give you a template for other problems.
Education
- BSc, University of Virginia
- MSc, University of Virginia
- PhD, Georgia State University
Recent Feedback
- "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
- "Thank, this is more clear to me now."
- "Awesome job! "
- "ty"
- "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Lean your Process
This quiz will help you understand the basic concepts of Lean.