Waddell Productions makes separate journal entries for all cost accounting related activities. It uses a standard cost system for all manufacturing items. For the month of June the following activities have taken place:
Required:
Record the necessary journal entries to:
1. Record the materials purchases assuming that materials price variances are recorded at the time of purchase.
2. Record the materials placed into production.
3. Record the direct labour used in production.

Question

Waddell Productions makes separate journal entries for all cost accounting related activities. It uses a standard cost system for all manufacturing items. For the month of June the following activities have taken place:
  Required:
Record the necessary journal entries to:
1. Record the materials purchases assuming that materials price variances are recorded at the time of purchase.
2. Record the materials placed into production.
3. Record the direct labour used in production.

Quizplus · Accepted Answer

The Answer of Waddell Productions makes separate journal entries for all cost accounting related activities. It uses a standard cost system for all manufacturing items. For the month of June the following activities have taken place:
  Required:
Record the necessary journal entries to:
1. Record the materials purchases assuming that materials price variances are recorded at the time of purchase.
2. Record the materials placed into production.
3. Record the direct labour used in production.

Waddell Productions Makes Separate Journal Entries for All Cost Accounting