Homework SoursePlease show your work for the formulasSolutionI am giving to
Please show your work for the formulas
Solution
I am giving total works out here.
| Dear Friend, | ||||||||
| Everything you worked out is fine but point to remind here that in job order Standard costing system, Work in process inventory has to be valued at standard cost only in any leval. Difference charged to Variance | ||||||||
| I am giving total works out here. | ||||||||
| Sl No | Account titles | Debit | Credit | |||||
| 1 | Raw material Inventory | 5712 | (3808*1.5) | |||||
| Material Price Variance | 267 | (3808*0.07) | ||||||
| Accounts payable | 5979 | (3808*1.57) | ||||||
| 2 | Work in process inventory | 4800 | (3200*1.5) | Standard Cost | ||||
| Material Qty Variance | 912 | (3808-3200)*1.5 | ||||||
| Raw material Inventory | 5712 | (3808*1.5) | ||||||
| 3 | Factory Labor | 15120 | (1680*9) | |||||
| Labor Price variance | 202 | (9-8.88)*1680 | ||||||
| Factory Wages payable | 14918 | (1680*8.88) | ||||||
| 4 | Work in process inventory | 14400 | (1600*9) | |||||
| Labor Qty Variance | 720 | (1680-1600)*9 | ||||||
| Factory Labor | 15120 | (1680*9) | ||||||
| 5 | Manufacturing OH | 25340 | (Given Figure) | |||||
| Accounts payable | 25340 | (Given Figure) | ||||||
| 6 | Work in process inventory | 24000 | (1600*15) | |||||
| Manufacturing OH | 24000 | (1600*15) | ||||||
| 7 | Finished goods Inventory | 43200 | (27*1600) | |||||
| Work in process inventory | 43200 | (27*1600) | ||||||
| 8 | Accounts Receivable | 1280000 | (Given Figure) | |||||
| Sales | 1280000 | (Given Figure) | ||||||
| 9 | Cost of Good Sod | 43200 | (27*1600) | |||||
| Finished goods Inventory | 43200 | (27*1600) | ||||||
