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Author Question: Mayberry Company had the following journal entries recorded for the end of June. Unfortunately, the ... (Read 69 times)

09madisonrousseau09

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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.

Materials Control300,000
Direct Materials Price Variance10,000
Accounts Payable Control290,000

Work-in-Process Control120,000
Direct Materials Efficiency Variance8,000
Materials Control128,000

Work-in-Process Control850,000
Direct Manufacturing Labor Price Variance15,000
Direct Manufacturing Labor Efficiency Variance18,000
Wages Payable Control847,000

Required: 
a.What kind of performance did the company have for June? Explain each variance.
b.Why is Direct Materials given in two entries? 


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Marked as best answer by 09madisonrousseau09 on Mar 6, 2021

kishoreddi

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09madisonrousseau09

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Reply 2 on: Mar 6, 2021
Great answer, keep it coming :)


shailee

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Reply 3 on: Yesterday
:D TYSM

 

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