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Home Q & A Board Other Fields Homework Help Business Economics
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dxpayne dxpayne
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6 years ago
It's year-end and you have the task of clearing up the final accounting entries for management accounting. There is an unfavourable direct materials rate variance of $25,000 which needs to be closed. The company uses the proration approach in this situation, and it has been determined that half of the variance should be charged to finished goods and half to cost of goods sold.

Required:   
Prepare the necessary entry for the end of period adjustment.
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
Authors:
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#1
6 years ago
Cost of Goods Sold   12,500
Finished Goods Inventory   12,500
   Direct Materials Rate Variance      25,000
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