Bellingham Company produced 15,000 units that require 2.5 standard pounds per unit at a $3.75 standard price per pound. The company actually used 36,000 pounds in production. Journalize the entry to record the standard direct materials used in production.

Bellingham Company produced 15,000 units that require 2.5 standard pounds per unit at a $3.75 standard price per pound. The company actually used 36,000 pounds in production. Journalize the entry to record the standard direct materials used in production.

Name: Bellingham Company produced 15,000 units that require 2.5 standard pou
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Bellingham Company produced 15,000 units that require 2.5 standard pounds per unit at a $3.75 standard price per pound. The company actually used 36,000 pounds in production. Journalize the entry to record the standard direct materials used in produc

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Bellingham Company produced 2,300 units that require 16 standard pounds per unit at a $10 standard price per pound. The company actually used 35,300 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
Dvorak Company produced 3,600 units that require 12 standard pounds per unit at $4 standard price per pound. The company actually used 44,900 pounds in production. Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank.
Bellingham Company produced 4,600 units that require five standard pounds per unit at a $10.5 standard price per pound. The company actually used 22,500 pounds in production. Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank
Encinas Company produced 3800 units that require 12 standard pounds per unit at $8 standard price per pound. The company actually used 44,700 pounds in production. Journalize the entry to record the standard direct materials used in production.
Rosser Company produces a container that requires 4 yards of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 containers were manufactured using 37,300 yards of material. Required: Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank
Bellingham Company produced 4,700 units that require six standard pounds per unit at a $4 standard price per pound. The company actually used 27,600 pounds in production. Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank.
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $5 per pound) Direct labor (4 hours @ $14 per hour) During May the company incurred the following actual costs to produce 8,300 units. Direct materials (134,900 pounds @ $4.80 per pound) Direct labor (36,300 hours @ $14.10 per hour) $ 647,520 511,830 AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH = Actual Hours SH = Standard Hours $ 80 56 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance.
Sharp Company manufactures a product with the following standards have been set: Direct materials Direct labor or Hours 3 feet Standard Quantity Standard Price or Rate Standard Cost ? hours $ 11 per foot ? per hour $ 33 ? During March, the company purchased direct materials for $111,300, all of which were used in the production of 3,200 units. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 4,400 U $ 450 F $ 2,000 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product.
Encinas Company produced 2,300 units that require 6 standard pounds per unit at $1.75 standard price per pound. The company actually used 13,600 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $56,610, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600. The following variances have been computed for the month: Materials quantity variance $ 4,050 U Labor spending variance $ 2,180 U Labor efficiency variance $ 770 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month’s production. c. Compute the…
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $5 per pound) $ 75 Direct labor (3 hours @ $16 per hour) 48 During May the company incurred the following actual costs to produce 8,100 units. Direct materials (123,900 pounds @ $4.80 per pound) $ 594,720 Direct labor (27,700 hours @ $16.10 per hour) 445,970 AR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.