Please Do not Give image format Record entry→ Show Transcribed TextView transaction listJournal entry worksheetDB< ANote: Enter debits before credits.Event2Record entryShow Transcribed TextCView transaction listRecord the cost of the direct materials purchased and the materials pricevariance.Clear entryGeneral JournalEventJournal entry worksheetRecord the closure of direct material cost variances to Cost of Goods Sold.CreditView general journalRequired B >>> Exercise 17-25 (Algo) Prorating Direct Materials Cost Variances (LO 17-1)The cost analyst for Sheffer Systems collected the following data concerning direct materials:Actual productionDirect materials purchased (actual)Standard cost of materials purchasedStandard direct materials costs per unit producedStandard price times actual amount of materials used38,800 units$ 719,100725,600Required A Required B17675, 200Assume that Sheffer Systems had no beginning finished goods or direct materials inventory and only produced one product. Sheffersold 29,876 units during the period.Required:a. Assume Sheffer writes off all variances to Cost of Goods Sold. Prepare the entries Sheffer would make to record and close out thevariances.b. Assume Sheffer prorates all variances to the appropriate accounts. Prepare the entries Sheffer would make to record and close outthe variances.Complete this question by entering your answers in the tabs below.Assume Sheffer writes off all variances to Cost of Goods Sold. Prepare the entries Sheffer would make to record and close out thevariances.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Name: Please Do not Give image format Record entry→ Show Transcribed TextVie
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Please Do not Give image format Record entry→ Show Transcribed TextView transaction listJournal entry worksheetDB< ANote: Enter debits before credits.Event2Record entryShow Transcribed TextCView transaction listRecord the cost of the direct materials

There can be a difference between actual costs and the standard costs that are budgeted, these are…

Business

Accounting

. Assume Sheffer writes off all variances to Cost of Goods Sold. Prepare the entries Sheffer would make to record and close out the variances. ». Assume Sheffer prorates all variances to the appropriate accounts. Prepare the entries Sheffer would make to record and close out he variances.