DM & DL variances; journal entries In July, Zinger Corp. purchased 60,000 gallons of Numerol for $183,000 to use in the

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Dm Dl Variances Journal Entries In July Zinger Corp Purchased 60 000 Gallons Of Numerol For 183 000 To Use In The 1 (129.79 KiB) Viewed 10 times

Dm Dl Variances Journal Entries In July Zinger Corp Purchased 60 000 Gallons Of Numerol For 183 000 To Use In The 2 (431.73 KiB) Viewed 10 times

Dm Dl Variances Journal Entries In July Zinger Corp Purchased 60 000 Gallons Of Numerol For 183 000 To Use In The 3 (296.39 KiB) Viewed 10 times

DM & DL variances; journal entries In July, Zinger Corp. purchased 60,000 gallons of Numerol for $183,000 to use in the production of product #43MR7. During July, Zinger Corp. manufactured 11,700 units of product #43MR7. The following information is available about standard and actual quantities and costs: Standard for One Unit Direct material 4.8 gallons @ $3 per gallon Direct labor 20 minutes @ $9 per DLH Actual Usage for July Direct material 55,050 gallons Direct labor 3,870 DLHS @ $9.02 per DLH a. Compute the material purchase price variance and the material quantity variance. Note: Do not use a negative sign with your answers. Material price variance $ Material quantity variance $ Favorable Unfavorable b. Compute the labor rate, labor ef Note: Do not use a negative sign w Neither favorable or unfavorable Note: Round your final answer to the nearest whole dollar. Labor rate variance $ Labor efficiency variance S Total labor variance S → → c. Prepare the journal entries for the material and labor variances. Note: Round amounts to the nearest whole dollar. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. G < e
c. Prepare the journal entries for the material and labor variances. Note: Round amounts to the nearest whole dollar. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. Account Debit To record material price variance To record material quantity variance To record labor variances Credit A
Account Accounts Payable Cost of Good Sold Labor Efficiency Variance Labor Rate Variance Material Price Variance Material Quantity Variance OH Spending Variance Raw Material Inventory VOH Efficiency Variance Volume Variance Wages Payable Work in Process Inventory To record labor variances Debit Credit