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Apollo Company uses a standard cost system for manufacturing its single product, called Zoom. Company assigns factory overhead cost using predetermined overhead rates based on machine hours. The following data are available for current year: Standards per unit of product for planned production of 33,000 units: Budgeted machine hours Raw materials Direct labor Variable overhead Fixed overhead Actual units produced Actual price per pound of materials (A) WIP Inventory DM Quantity 66,000 hours Variance 4.40 pounds at $10.20 per pound 1.4 hours at $13.50 per hour 2 MH at $5.40 per machine hour 2 MH at $6.00 per machine hour 32,800 units Apollo used 137,760 pounds of raw materials for production of 32,800 units. Whic of the following journal entries should be used to record this transaction? $10.50 Debit 1,472,064 Credit 66,912

Apollo Company uses a standard cost system for manufacturing its single product, called Zoom. Company assigns factory overhead cost using predetermined overhead rates based on machine hours. The following data are available for current year: Standards per unit of product for planned production of 33,000 units: Budgeted machine hours Raw materials Direct labor Variable overhead Fixed overhead Actual units produced Actual price per pound of materials (A) WIP Inventory DM Quantity 66,000 hours Variance 4.40 pounds at $10.20 per pound 1.4 hours at $13.50 per hour 2 MH at $5.40 per machine hour 2 MH at $6.00 per machine hour 32,800 units Apollo used 137,760 pounds of raw materials for production of 32,800 units. Whic of the following journal entries should be used to record this transaction? $10.50 Debit 1,472,064 Credit 66,912

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter4: Activity-based Costing
Section: Chapter Questions
Problem 30P: Primera Company produces two products and uses a predetermined overhead rate to apply overhead....
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Apollo Company uses a standard cost system for manufacturing its single product, called Zoom. Company assigns factory overhead cost using predetermined overhead rates based on machine hours. The following data are available for current year: Standards per unit of product for planned production of 33,000 units: Budgeted machine hours Raw materials Direct labor Variable overhead Fixed overhead Actual units produced Actual price per pound of materials (A) WIP Inventory DM Quantity Variance 66,000 hours RM Inventory 4.40 pounds at $10.20 per pound 1.4 hours at $13.50 per hour 2 MH at $5.40 per machine hour 2 MH at $6.00 per machine hour Apollo used 137,760 pounds of raw materials for production of 32,800 units. Which of the following journal entries should be used to record this transaction? 32,800 units $10.50 Debit 1,472,064 Credit 66,912 1.405.152
Transcribed Image Text:Apollo Company uses a standard cost system for manufacturing its single product, called Zoom. Company assigns factory overhead cost using predetermined overhead rates based on machine hours. The following data are available for current year: Standards per unit of product for planned production of 33,000 units: Budgeted machine hours Raw materials Direct labor Variable overhead Fixed overhead Actual units produced Actual price per pound of materials (A) WIP Inventory DM Quantity Variance 66,000 hours RM Inventory 4.40 pounds at $10.20 per pound 1.4 hours at $13.50 per hour 2 MH at $5.40 per machine hour 2 MH at $6.00 per machine hour Apollo used 137,760 pounds of raw materials for production of 32,800 units. Which of the following journal entries should be used to record this transaction? 32,800 units $10.50 Debit 1,472,064 Credit 66,912 1.405.152
Apollo used 137,760 pounds of raw materials for production of 32,800 units. Which of the following journal entries should be used to record this transaction? (A) WIP Inventory DM Quantity Variance RM Inventory (B) RM Inventory DM Price Variance WIP Inventory (C) FG Inventory DM Price Variance RM Inventory (D) DM Quantity Variance WIP Inventory RM Inventory Debit Credit 1,472,064 1,405,152 66,912 1,472,064 66,912 1,379,568 66,912 1,405,152 1,472,064 45,000 1,427,064 1,446,480
Transcribed Image Text:Apollo used 137,760 pounds of raw materials for production of 32,800 units. Which of the following journal entries should be used to record this transaction? (A) WIP Inventory DM Quantity Variance RM Inventory (B) RM Inventory DM Price Variance WIP Inventory (C) FG Inventory DM Price Variance RM Inventory (D) DM Quantity Variance WIP Inventory RM Inventory Debit Credit 1,472,064 1,405,152 66,912 1,472,064 66,912 1,379,568 66,912 1,405,152 1,472,064 45,000 1,427,064 1,446,480
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