Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rees manufacturing uses a standard cost system. st

Rees Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct...

60.1K

Verified Solution

Question

Accounting

image

Rees Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) Cost per pound of direct materials $6 Actual purchases of direct materials for the current month are 10,000 pounds for $48,600. Planned and actual production for the month is 3,100 units. Rees has issued 10,000 pounds of direct materials to production. The journal entry to record this transaction is a debit to Work-in-Process Inventory for $45,198, a credit to Raw Materials Inventory for $60,000, and a debit to Direct Materials Efficiency Variance for $14,802 a debit to Work-in-Process Inventory for $45,198, a credit to Raw Materials Inventory for $55,800, and a debit to Direct Materials Efficiency Variance for $10,602 a debit to Work-in-Process Inventory for $55,800, a credit to Raw Materials Inventory for $60,000, and a debit to Direct Materials Efficiency Variance for $4,200 a debit to Work-in-Process Inventory for $60,000, a credit to Raw Materials Inventory for $48,600, and a credit to Direct Materials Efficiency Variance for $60,000 A. O B. C. O D

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

A motorist goes for a drive, keeping the reading on the speedometer at a constant value...

Programming
1.2K views

An electricity company charges electricity consumption according to the following scale. Up to 200 Units (0-200) to...

Biology
1.2K views

The nervous system skeleton outermost layer of epidermis originate from which of the germ layers...

Geometry
1.2K views

In circle Z VZ ZW and SV 12 Find the following 3 lengths S N...

Algebra
1.2K views

Consider the following functions f x Answer fog x Step 1 of 2 Find the...

Accounting
1.2K views

Gupta Industries received a $290,000 prepayment from X Associates for the sale of new equipment....

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] Eva received $60,000 in...

Accounting
1.2K views

Accounting
1.2K views

The following totals for the month of February were taken from the payroll register of...

Accounting
1.2K views

Materiality Methodology: Planning materiality (PM) is determined as follows: (1) For public clients,...

Finance
1.2K views

Your company is working fine, and you just had a great idea for a new...

Finance
1.2K views

1. Simple Interest versus Compound Interest [LO1] First City Bank pays 8 percent simple interest...