The trial balance for Metlock Corporation shows the following for its DM and DL variances at year-end, prior to closing entries. DM price variance DM efficiency variance DL price variance DL efficiency variance (a) Debit Throughout the year, actual purchase costs for DM totaled $233,250; transfers of DM cost into production totaled $234,200. The total flexible budget DL cost was $188,500 this year. DM price variance $10,300 530 15,350 DM efficiency variance Credit $5.290 Identify whether each total variance above is favorable or unfavorable.

The trial balance for Metlock Corporation shows the following for its DM and DL variances at year-end, prior to closing entries. DM price variance DM efficiency variance DL price variance DL efficiency variance (a) Debit Throughout the year, actual purchase costs for DM totaled $233,250; transfers of DM cost into production totaled $234,200. The total flexible budget DL cost was $188,500 this year. DM price variance $10,300 530 15,350 DM efficiency variance Credit $5.290 Identify whether each total variance above is favorable or unfavorable.

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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