Mayberry Company had the following journal entries recorded for the end of June.Unfortunately,the company's only accountant quit on July 10 and the president is at a loss as to the company's performance for the month of June.
$\begin{array}{lr}
\text { Materials Control }&300,000\
\text { Direct Materials Price Variance } & 10,000 \
\text { Accounts Payable Control } & 290,000\\text { Work-in-Process Control } & 120,000 \
\text { Direct Materials Efficiency Variance } & 8,000\
\text { Materials Control }&128,000\
\text { Work-in-Process Control } & 850,000 \
\text { Direct Manufacturing Labor Price Variance } & 15,000 \
\text { Direct Manufacturing Labor Efficiency Variance } &18,000\
\text { Wages Payable Control }&847,000
\end{array}$ Required:
a.What kind of performance did the company have for June? Explain each variance.
b.Why is Direct Materials given in two entries?

Question

Mayberry Company had the following journal entries recorded for the end of June.Unfortunately,the company's only accountant quit on July 10 and the president is at a loss as to the company's performance for the month of June.
 $\begin{array}{lr}
\text { Materials Control }&300,000\
\text { Direct Materials Price Variance } & 10,000 \
\text { Accounts Payable Control } & 290,000\\text { Work-in-Process Control } & 120,000 \
\text { Direct Materials Efficiency Variance } & 8,000\
\text { Materials Control }&128,000\
\text { Work-in-Process Control } & 850,000 \
\text { Direct Manufacturing Labor Price Variance } & 15,000 \
\text { Direct Manufacturing Labor Efficiency Variance } &18,000\
\text { Wages Payable Control }&847,000
\end{array}$ Required:
a.What kind of performance did the company have for June? Explain each variance.
b.Why is Direct Materials given in two entries?

Quizplus · Accepted Answer

The Answer of Mayberry Company had the following journal entries recorded for the end of June.Unfortunately,the company's only accountant quit on July 10 and the president is at a loss as to the company's performance for the month of June.
 $\begin{array}{lr}
\text { Materials Control }&300,000\
\text { Direct Materials Price Variance } & 10,000 \
\text { Accounts Payable Control } & 290,000\\text { Work-in-Process Control } & 120,000 \
\text { Direct Materials Efficiency Variance } & 8,000\
\text { Materials Control }&128,000\
\text { Work-in-Process Control } & 850,000 \
\text { Direct Manufacturing Labor Price Variance } & 15,000 \
\text { Direct Manufacturing Labor Efficiency Variance } &18,000\
\text { Wages Payable Control }&847,000
\end{array}$ Required:
a.What kind of performance did the company have for June? Explain each variance.
b.Why is Direct Materials given in two entries?

Mayberry Company Had the Following Journal Entries Recorded for the End