Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

تمرين 35

Foding Corporation has supplied the following information obtained from its standard cost systein in May:
The following journal entries were made during May with respect to hiding's standard cost system:
Instructions
a. Determine the actual quantity of materials purchased and used in production during May
b. Determine the standard quantity of materials allowed for the production output achieved during May.
c. Determine the actual average direct labor rate in May.
d. Determine the standard direct labor hours allowed for the production output achieved during May.
e. Determine the total.overhead costs allowed for the production output achieved.during May.
f. Prepare a journal entry to record the transfer of all work in process to finished goods at the end of May.
g. Close all cost variances directly to the Cost of Goods Sold account at the end of May.
h. Was Foding's production output in May more or less than its normal level of output? How can you tell?