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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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View Policies Current Attempt in Progress 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
Transcribed Image Text:View Policies Current Attempt in Progress 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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