I need help with parts B & C please!! REQUIRED C. Record entry for direct material costs payable and material variances. Record entry for direct labor costs payable and labor variances. Record the entry for variable overhead applied. Record the entry for variable overhead payable. Record the variable overhead variances. Record the entry for fixed overhead applied. Record the entry for fixed overhead payable. Record the fixed overhead variances. Record entry to transfer finished goods to inventory. Record sales on accounts. Record cost of goods sold. Record the disposition of variances to cost of goods sold.
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.
I need help with parts B & C please!!
REQUIRED C.
Record entry for direct material costs payable and material variances.
Record entry for direct labor costs payable and labor variances.
Record the entry for variable
Record the entry for variable overhead payable.
Record the variable overhead variances.
Record the entry for fixed overhead applied.
Record the entry for fixed overhead payable.
Record the fixed overhead variances.
Record entry to transfer finished goods to inventory.
Record sales on accounts.
Record cost of goods sold.
Record the disposition of variances to cost of goods sold.
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