Reference no: EM132681194
Question - In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials.
Actual production 107,000 units
Direct materials purchased (actual) $1,738,800
Standard cost of materials purchased 1,562,000
Standard direct materials costs per unit produced 14
Standard price times actual amount of materials used 1,413,950
Assume that Mathis Company had no beginning finished goods inventory and only produced one product. Mathis sold 94,160 units during the period.
a. Assume Mathis writes off all variances to Cost of Goods Sold. Prepare the entries Mathis would make to record and close out the variances
1. Record the standard cost of materials used and the materials efficiency variance.
2. Record the cost of the direct materials purchased and the materials price variance.
3. Record the closure of direct labor cost variances to Cost of Goods Sold.
b. Assume Mathis prorates all variances to the appropriate accounts. Prepare the entries Mathis would make to record and close out the variances.
1. Record the standard cost of materials used and the materials efficiency variance.
2. Record the cost of the direct materials purchased and the materials price variance.
3. Record the closure of direct labor cost variances to Cost of Goods Sold and Finished Goods Inventory.
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