The trial balance for Novak 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 Debit $10,600 610 16,010 Credit $5,840 Throughout the year, actual purchase costs for DM totaled $233,900; transfers of DM cost into production totaled $233,100. The total flexible budget DL cost was $189.900 this year.

The trial balance for Novak 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 Debit $10,600 610 16,010 Credit $5,840 Throughout the year, actual purchase costs for DM totaled $233,900; transfers of DM cost into production totaled $233,100. The total flexible budget DL cost was $189.900 this year.

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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