Yohan Company has the following balances in its direct materials anddirect labor variance accounts at year-end:Direct Materials PriceDebitCreditVariance$1,000Direct Materials Quantity$2,000Variance$500Direct Labor Rate Variance$3,000Direct Labor EfficiencyVarianceUnadjusted Cost of Goods Sold equals $200,000. Which of the followingwould be FALSE when the year-end closing entry is made?O The Cost of Goods Sold account will be debited.O Adjusted Cost of Goods Sold will be $198,500.The Direct Labor Rate Variance account will be debited.O The Direct Materials Price Variance account will be credited.

Name: Yohan Company has the following balances in its direct materials andd
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Description: Yohan Company has the following balances in its direct materials anddirect labor variance accounts at year-end:Direct Materials PriceDebitCreditVariance$1,000Direct Materials Quantity$2,000Variance$500Direct Labor Rate Variance$3,000Direct Labor Eff

The right answer is option a The cost of Goods Sold account will be debited

Answered: ohan Company has the following balance…

Business

Accounting

ohan Company has the following balance irect labor variance accounts at year-enc Direct Materials Price Variance Direct Materials Quantity Variance Direct Labor Rate Variance

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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