The journal entry to record the direct materials quantity variance may be recorded A. Only when direct materials are purchased B. When inventory is taken at the end of the year. C. Only when direct materials are issued to production: D. All of the choices are correct

Record the overhead costs, including the unfavorable volume and unfavorable controllable variances. same way as the chart above Record the direct labor costs, including the favorable efficiency variance and unfavorable rate variance.  same way as the chart above

A production volume variance will exists when:         a. Production volume differs from the sales volume.       b. Actual direct labor hours differ from standard allowed direct labor hours.       c. The fixed overhead applied on the basis of standard allowed direct labor hours differs from actual fixed factory overhead.       d. The fixed overhead applied on the basis of standard allowed direct labor hours differs from budgeted fixed factory overhead.

Butrico Manufacturing Corporation uses a standard cost system, records materials price variances when direct materials are purchased, and prorates all variances at year-end. Variances associated with direct materials are prorated based on the balances of direct materials in the appropriate accounts, and variances associated with direct labor and manufacturing overhead are prorated to Finished Goods Inventory and to Cost of Goods Sold (COGS) on the basis of the relative direct labor cost in these accounts at year- end. The following information is for the year ended December 31: The company had no beginning inventories and no ending Work-in-Process (WIP) Inventory. It applies manufacturing overhead at 80% of standard direct labor cost. Finished goods inventory at 12/31: Direct materials Direct labor Applied manufacturing overhead Direct materials inventory at 12/31 Cost of goods sold for the year ended 12/31: Direct materials Direct labor Applied manufacturing overhead Direct materials…