Waddell Productions uses a standard cost system for all manufacturing transactions. For the month of June the following activities have taken place:

Required:
Record the necessary journal entries to:
1. Record the materials purchases assuming that materials rate variances are recorded at the time of purchase.
2. Record the materials placed into production.
3. Record the direct labour used in production.

Question

Waddell Productions uses a standard cost system for all manufacturing transactions. For the month of June the following activities have taken place:

Required:
Record the necessary journal entries to:
1. Record the materials purchases assuming that materials rate variances are recorded at the time of purchase.
2. Record the materials placed into production.
3. Record the direct labour used in production.

Quizplus · Accepted Answer

The Answer of Waddell Productions uses a standard cost system for all manufacturing transactions. For the month of June the following activities have taken place:

Required:
Record the necessary journal entries to:
1. Record the materials purchases assuming that materials rate variances are recorded at the time of purchase.
2. Record the materials placed into production.
3. Record the direct labour used in production.

Waddell Productions Uses a Standard Cost System for All Manufacturing