Information on Chicago Crafters direct materials costs follows: Quantities of alloy purchased and used Actual cost of alloy used Standard price per pound of alloy Standard quantity of alloy allowed Chicago Crafters carries no materials inventories. 77,600 pounds $ 3,823,000 $ 47.40 Required: a. What were Chicago Crafters' direct materials price and efficiency variances? b. (Appendix) Prepare the journal entries to record the purchase and use of alloy using standard costing. www 80,400 pounds Complete this question by entering your answers in the tabs below. 144,760 U Required A Required B What were Chicago Crafters' direct materials price and efficiency variances? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do n select either option. Direct materials price variance 4

Information on Chicago Crafters direct materials costs follows: Quantities of alloy purchased and used Actual cost of alloy used Standard price per pound of alloy Standard quantity of alloy allowed Chicago Crafters carries no materials inventories. 77,600 pounds $ 3,823,000 $ 47.40 Required: a. What were Chicago Crafters' direct materials price and efficiency variances? b. (Appendix) Prepare the journal entries to record the purchase and use of alloy using standard costing. www 80,400 pounds Complete this question by entering your answers in the tabs below. 144,760 U Required A Required B What were Chicago Crafters' direct materials price and efficiency variances? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do n select either option. Direct materials price variance 4

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Description: Do not give answer in image Information on Chicago Crafters direct materials costs follows:Quantities of alloy purchased and usedActual cost of alloy usedStandard price per pound of alloyStandard quantity of alloy allowedChicago Crafters carries no m

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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