156.Oak Company produces a chair that requires 6 yards of material per unit. The standard price of one yard ofmaterial is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards.
Journalize the entry to record the standard direct materials used in production.
157.Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company usingthe following information. Baxter Company sold 8,600 units at $125 per unit. Normal production is 9,000 units. (Donot round fixed overhead rate calculation when determining fixed factory overhead volume variance.)
Standard: 5 yards per unit at $6.30 per yard
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Actual yards used: 43,240 yards at $6.25 per yard
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Standard: 2.25 hours per unit at $15.00
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Actual hours worked: 19,100 at $14.90 per hour
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Standard: variable overhead $1.05 per unit
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Standard: fixed overhead $211,500
(budgeted and actual amount)
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Actual total factory overhead: $235,500
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158.A company records inventory purchases at standard cost and also records purchase price variances. Preparethe journal entry for a purchase of 6,000 widgets that were bought at $8.00 and have a standard cost of $8.15.
159.If a company records inventory purchases at standard cost and also records purchase price variances, preparethe journal entry for a purchase of widgets that were bought at $7.45 per unit and have a standard cost of$7.15. The total amount owed to the vendor for this purchase is $33,525.