By year-end, Whispering Corp. had recognized standard cost variances for all of its produc and fixed-MOH. The following variances exist per the trial balances; the balance of COGS at this time is $115,710. DM price variance DM efficiency variance DL price variance $4,940 Credit 3,510 Debit 1,890 Debit including DM, DL, variabi Variable-MOH price variance Variable-MOH efficiency variance Fixed-MOH price variance $3,480 Debit 220 Debit 2,170 Debit
By year-end, Whispering Corp. had recognized standard cost variances for all of its produc and fixed-MOH. The following variances exist per the trial balances; the balance of COGS at this time is $115,710. DM price variance DM efficiency variance DL price variance $4,940 Credit 3,510 Debit 1,890 Debit including DM, DL, variabi Variable-MOH price variance Variable-MOH efficiency variance Fixed-MOH price variance $3,480 Debit 220 Debit 2,170 Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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By year-end, Whispering Corp. had recognized standard cost variances for all of its production costs, including DM, DL, variable-MOH,
and fixed-MOH. The following variances exist per the trial balances; the balance of COGS at this time is $115,710.
DM price variance
DM efficiency variance
DL price variance
DL efficiency variance
$4,940 Credit
3,510 Debit
1,890 Debit
2,300 Credit
Variable-MOH price variance
A
Variable-MOH efficiency variance
Fixed-MOH price variance
Fixed-MOH volume variance
Account Titles and Explanation
$3,480 Debit
220 Debit
Debit
2,170 Debit
Record the journal entry to write off these variances directly to COGS. Make note of the adjusted COGS balance after this entry is
posted. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
905 Credit
Credit
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