information on Bowgie Chemicals direct materials costs follows. Actual quantities of direct materials used 30,800 Actual costs of direct materials used $ 137,800 Standard price per unit of direct materials $ 4.28 Flexible budget for direct materials $ 121,300 Bowgie Chemicals has no materials inventories. Required:a.Prepare a short report for management showing Bowgie Chemicals’s direct materials price and efficiency variances. b.(Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing.

information on Bowgie Chemicals direct materials costs follows. Actual quantities of direct materials used 30,800 Actual costs of direct materials used $ 137,800 Standard price per unit of direct...

information on Bowgie Chemicals direct materials costs follows.


Actual quantities of direct materials used		30,800
Actual costs of direct materials used	$	137,800
Standard price per unit of direct materials	$	4.28
Flexible budget for direct materials	$	121,300

Bowgie Chemicals has no materials inventories.

Required:
a.Prepare a short report for management showing Bowgie Chemicals’s direct materials price and efficiency variances.

b.(Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing.

Jun 10, 2022

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information on Bowgie Chemicals direct materials costs follows. Actual quantities of direct materials used 30,800 Actual costs of direct materials used $ 137,800 Standard price per unit of direct...

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