The X Company manufactures widgets. It has developed the following standards per finished unit for direct materials and direct labor: Direct materials: 5 lbs. at
The X Company manufactures widgets. It has developed the following standards per finished unit for direct materials and direct labor: Direct materials: 5 lbs. at $5.00 per lb. Direct labor: 1 hour at $20.00 per hour Budgeted production in units: 20,000 units Actual production of finished units: 21,000 units Materials purchased: 120,000 lbs. at a total cost of $630,000. Materials price variance is recognized upon purchase. Direct materials used: 102,900 lbs. Direct labor used: 21,300 hours; actual cost $422,805. PREPARE JOURNAL ENTRY TO CLOSE VARIANCE ACCOUNTS INTO COST OF GOODS SOLD.
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