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jerico jerico
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Posts: 4603
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9 years ago
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:

   Direct Manufacturing Materials Purchased   $300,000
   Direct Manufacturing Materials Used   250,000
   Direct Materials Price Variance   10,000   unfavorable
   (at time of purchase)
   Direct Materials Efficiency Variance   15,000   favorable
   Direct Manufacturing Labor Price Variance   6,000   favorable
   Direct Manufacturing Labor Efficiency Variance   4,000   favorable
   Direct Manufacturing Labor Payable   170,000

Required:
Record the necessary journal entries to close the accounts for the month.
Textbook 
Cost Accounting

Cost Accounting


Edition: 14th
Authors:
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cyborgcyborg
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9 years ago
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jerico Author
wrote...
9 years ago
This solved my problem perfectly, thank you for your kind input.
wrote...
9 years ago
Sweet, you're welcome.
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