General account To prepare a journal entry to record favorable direct material quantity variances,the direct material quantity variances areA. always credits.B. always debits.C. debited to the Work-in-Process Inventory account.D. debited to the Raw Material Inventory account.

The correct answer is:A. always credits. Explanation:A favorable direct material quantity variance…

Answered: To prepare a journal entry to record…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 10DQ: If variances are recorded in the accounts at the time the manufacturing costs are incurred, what...

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To prepare a journal entry to record favorable direct material quantity variances, the direct material quantity variances are A. always credits. B. always debits. C. debited to the Work-in-Process Inventory account. D. debited to the Raw Material Inventory account.
help me general account tutor
Record the overhead costs, including the unfavorable volume and unfavorable controllable variances. same way as the chart above Record the direct labor costs, including the favorable efficiency variance and unfavorable rate variance. same way as the chart above
If variances are recorded in the accounts at the time the manufacturing costs are incurred, what does a debit balance in Direct Materials Price Variance represent?
What is the most important purpose of the cost of production report?
Under Standard Costing System, direct material price variance shall be appropriately computed using A. Actual direct materials usedB. Actual direct materials purchasedC. Actual direct materials wastedD. Actual direct materials converted to work in process
4. Compute the Material Price variance 5. Compute the Material Quantity variance 6. Compute the Total Labor variance 7. Compute the Labor Price variance 8. Compute the Labor Quantity variance 9. Compute the Total Manufacturing Overhead variance 10. Which variance(s) would be the responsibility of the Production Manager? 11. Which variance(s) would be the responsibility of the Purchasing Manager? Show all calculations for each item step-by-step
In a standard cost system, the cost of completed units transferred from Work in Process Inventory to Finished Goods Inventory is recorded at: Multiple Choice Actual cost. Standard cost minus the variance from actual cost. Standard cost. Standard cost plus the variance from actual cost.
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I need help with number 2.
A standard costing system will produce the same income as an actual costing system when standard cost variances are closed to: a. Work-in-process b. Work-in-process and finished goods c. Cost of goods sold d. Cost of goods sold and inventories

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To prepare a journal entry to record favorable direct material quantity variances, the direct material quantity variances are A. always credits. B. always debits. C. debited to the Work-in-Process Inventory account. D. debited to the Raw Material Inventory account.