Materials Price Variance shows a $3,300 favourable balance. Accounts Payable shows $149,000 of raw materials purchases. What was the amount debited to Raw Materials Inventory for raw materials purchased? (b) The amount debited 152,300 Your Answer Correct Answer (Used) Materials Quantity Variance shows a $2,600 unfavourable balance. Raw Materials Inventory shows a zero balance. What was the amount debited to Work in Process Inventory for direct materials used? The amount debited $ 149,700 (c) Labour Price Variance shows a $1,600 unfavourable balance, Factory Labour shows a debit of $168,200 for wages incurred. What was the amount credited to Wages Payable? The amount credited
Materials Price Variance shows a $3,300 favourable balance. Accounts Payable shows $149,000 of raw materials purchases. What was the amount debited to Raw Materials Inventory for raw materials purchased? (b) The amount debited 152,300 Your Answer Correct Answer (Used) Materials Quantity Variance shows a $2,600 unfavourable balance. Raw Materials Inventory shows a zero balance. What was the amount debited to Work in Process Inventory for direct materials used? The amount debited $ 149,700 (c) Labour Price Variance shows a $1,600 unfavourable balance, Factory Labour shows a debit of $168,200 for wages incurred. What was the amount credited to Wages Payable? The amount credited
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 5CE: Yohan Company has the following balances in its direct materials and direct labor variance accounts...
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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