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Use the following to answer questions 53-56:...

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Use the following to answer questions 53-56: Appendix) The Dexon Company makes and sells a single product called a Mip and employs a standard costing system. The following standards have been established for one unit of Mip: Standard Quantity or Hours Standard Cost per Mip Direct materials 6 board feet $9.00 Direct labor 0.8 hours $9.60 There were no inventories of any kind on August 1. During August, the following events occurred: Purchased 15,000 board feet at the total cost of $24,000. Used 12,000 board feet to produce 2,100 Mips. Used 1,700 hours of direct labor time at a total cost of $20,060. To record the purchase of direct materials, the general ledger would include what entry to the Materials Price Variance Account? a. $1,500 credit b. $1,500 debit c. $6,000 credit d. $6,000 debit Save Answer 54. (Points: 1) To record the use of direct materials in production, the general ledger would include what entry to the Materials Quantity Variance account? a. $3,600 debit b. $3,600 credit. c. $900 debit d. $900 credit Save Answer 55. (Points: 1) To record the incurrence of direct labor cost and its use in production, the general ledger would include what entry to the Labor Rate Variance account? a. $240 credit b. $240 debit c. $340 debit d. $340 credit Save Answer 56. (Points: 1) To record the incurrence of direct labor costs and its use in production, the general ledger would include what entry to the Labor Efficiency Variance account? a. $480 credit b. $240 debit c. $1,200 debit d. $1,200 credit

 

Paper#11225 | Written in 18-Jul-2015

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