Dvorak Company produced 1,000 units that require five standard pounds per unit at $2.50 standard price per pound. The company actually used 4,500 pounds in production. Journalize the entry to record...

Dvorak Company produced 1,000 units that require five standard pounds per unit at $2.50 standard price per pound. The company actually used 4,500 pounds in production. Journalize the entry to record the standard direct materials used in production

Prepare a 2016 income statement through gross profit for Lo-bed Company, using the variance data in Practice Exercises -1A, -2A, -3A, and -4A. Assume Lo-bed sold 4,000 units at $250 per unit.