What Is the Correct Journal Entry to Record Direct Labor

question 125

Multiple Choice

What is the correct journal entry to record direct labor when the actual labor mix is favorable and the total standard hours allowed is greater than the total actual hours worked?

• A)
• \[\begin{array} { | l | c | c | }
• \hline \text { Work in Process Inventory } & \times \times \times & \\
• \hline \text { Direct labor yield variance } & \times \times \times & \\
• \hline \text { Direct labor mix variance } & \times\times \times & \\
• \hline \text { Wages Payable } & & \times \times \times \\
• \hline
• \end{array}\]
• B)
• \[\begin{array} { | l | c | c | }
• \hline \text { Work in Process Inventory } & \times\times \times & \\
• \hline \text { Direct labor yield variance } & & \times \times\times \\
• \hline \text { Direct labor mix variance } & & \times \times \times \\
• \hline \text { Wages Payable } & & \times \times \times \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | c | c | }
• \hline \text { Finished Goods Inventory } & \times \times \times & \\
• \hline \text { Direct labor mox variance } & \times \times \times & \\
• \hline \text { Direct labor yield variance } & & \times \times \times \\
• \hline \text { Work in Process Inventory } & & \times \times \times \\
• \hline
• \end{array}\]
• D)
• \(\begin{array}{|l|l|l|}
• \hline \begin{array}{l}
• \text { Finished Goods } \\
• \text { Inventory }
• \end{array} & \text{xxx} & \\
• \hline \text { Direct labor yield } & &\text{xxx} \\
• \text { variance } & & \\
• \hline \text { Direct labor mix } & &\text{xxx} \\
• \text { variance } & & \\
• \hline \text { Work in Process } & & \\
• \text { Inventory } & & \text{xxx}\\
• \hline
• \end{array}\)

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Definitions:

Current Liabilities

Short-term financial obligations due within one year or within the normal operating cycle, such as accounts payable and short-term loans.

Vertical Analysis

An approach to analyzing financial statements where every item within the three primary account categories (assets, liabilities, and equity) on a balance sheet is shown as a percentage of the total category.

Total Liabilities

The combined total of all current and long-term financial obligations owed by an entity at any given time.

Common-Sized Income Statement

An income statement in which each line item is expressed as a percentage of sales, facilitating the comparison across different periods or companies.