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Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B Event 1 C Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. General Journal Debit Credit 7

Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B Event 1 C Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. General Journal Debit Credit 7

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...
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Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Transcribed Image Text:Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B Event 1 C Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. General Journal Debit Credit 7
Transcribed Image Text:Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B Event 1 C Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. General Journal Debit Credit 7
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