Question

In: Accounting

Viking Corp. uses a standard cost system to account for the costs of its one products....

Viking Corp. uses a standard cost system to account for the costs of its one products. Material standards are 13 pounds of material at $1.30 per pound and 3 hours of labor at a standard wage rate of $13.4. During November, Viking Corp. produced and sold 2,400 units. Material purchases totaled 31,470 pounds at a total cost of $41,421. Material usage totaled 31,290 pounds. Payroll totaled $97,282 for 7,430 hours worked. Viking Corp. does not maintain inventories other than direct materials.

Prepare journal entries to record the transactions: (Do not round your intermediate calculations. Round your answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

  1. direct materials purchase
  2. direct materials usage
  3. direct labor incurred

Journal entry worksheet

  • Record direct materials purchase.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
a
  • Record direct materials usage.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
b
  • Record direct labor incurred.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
c

Solutions

Expert Solution

the variances are assumed to be recorded at the time of consumption.

ekkarill92 answered 1 year ago
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