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Recording Standards in Accounts Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at...

Recording Standards in Accounts

Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions:

a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. If an amount box does not require an entry, leave it blank.

a. Materials fill in the blank 9942c4fd9fd8f94_2 fill in the blank 9942c4fd9fd8f94_3
Direct Materials Price Variance fill in the blank 9942c4fd9fd8f94_5 fill in the blank 9942c4fd9fd8f94_6
Accounts Payable fill in the blank 9942c4fd9fd8f94_8 fill in the blank 9942c4fd9fd8f94_9

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Debit (unfavorable) or credit (favorable) the direct materials price variance.

Debit (unfavorable) or credit (favorable) the direct materials quantity variance.

b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner. If an amount box does not require an entry, leave it blank.

b. Work in Process fill in the blank 05cb57fd7055fe5_2 fill in the blank 05cb57fd7055fe5_3
Direct Materials Quantity Variance fill in the blank 05cb57fd7055fe5_5 fill in the blank 05cb57fd7055fe5_6
Materials fill in the blank 05cb57fd7055fe5_8 fill in the blank 05cb57fd7055fe5_9
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