Give the Journal Entries for the Transactions Listed Below Under

question 53

Essay

Give the journal entries for the transactions listed below under each of the two inventory systems.A.Purchase merchandise for cash,$1,000 B.Sold merchandise for $600 cash that had a cost of $480 (cost is 80% of the sales price)C.Accepted a sales return from a customer: Sales price $30.A cash refund was given to the customer.The goods were returned to regular inventory

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Definitions:

Standard Variable Overhead

This refers to the portion of variable overhead costs in production that varies directly with the level of production output or activity.

Actual Units Produced

The real number of units manufactured during a specific period, as opposed to planned or estimated production figures.

Standard Rate Per Hour

The standard rate per hour denotes the predetermined cost or wage rate for work performed, typically used in budgeting and payroll calculations.

Direct Labor Time Variance

The difference between the actual hours worked and the standard hours allowed, multiplied by the standard labor rate.