LEARNING OUTCOME TWO: Be Able To Propose Methods To Reduce Costs And Enhance Value Within A Business10/11/2016 LESSON OBJECTIVE
Assessment Criteria AC 2.1 Prepare and analyse routine cost reports Below are questions pertaining to lesson 5. Please ensure to answer each question correctly. 1. Make the relevant accounting entries based on the following information: Bill’s Construction makes furniture products from lumber. The cost per 2 x 4 oak lumber is $1,000.00. On May 15, 2016 Bill’s orders (on credit) 100, 2 x 4 Lumber units and an invoice for the actual cost of $100,000.00. On May 15, 2016 Bill’s Direct Material Inventory is increased by the standard cost of $150,000.00 (100 2x4 Lumber at a standard cost of $1,500.00 per Unit). What Journal accounting entries (debits and credits) based on Accounts Payable, Direct Materials Inventory and Direct Materials Price Variance, based on the above for May 15, 2016? 2. Describe what is a favourable and unfavourable variance for the following accounts: A) Accounts Payables B) Accounts Receivables C) Cost of Goods Sold D) Manufacturing Overhead expense E) Direct Materials inventory 3.
2 Comments
10/16/2016 05:12:31 pm
1. Make the relevant accounting entries based on the following information:
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Christopher Cameron
10/25/2016 09:04:52 pm
1) Date Account Name Debit Credit
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