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AccountingManagerial Accounting: The Cornerstone of Business Decision-Making7th Edition

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Chapter 10, Problem 14MCQ
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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Problem 1DQ
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Problem 5DQ
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Problem 7DQ
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Problem 9DQ
Problem 10DQ
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Problem 14DQ
Problem 15DQ
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Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 21DQ
Problem 22DQ
Problem 23DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
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Problem 12MCQ
Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16MCQ
Problem 17MCQ
Problem 18MCQ
Problem 19MCQ
Problem 20MCQ
Problem 21BEA
Problem 22BEA
Problem 23BEA
Problem 24BEA
Problem 25BEA
Problem 26BEA
Problem 27BEA
Problem 28BEA
Problem 29BEA
Problem 30BEA
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Problem 32BEB
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Problem 36BEB
Problem 37BEB
Problem 38BEB
Problem 39BEB
Problem 40BEB
Problem 41BEB
Problem 42BEB
Problem 43E
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Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55E
Problem 56E
Problem 57E
Problem 58E
Problem 59E
Problem 60E
Problem 61E
Problem 62P
Problem 63P
Problem 64P
Problem 65P
Problem 67P
Problem 68P
Problem 69P
Problem 70P
Problem 71P
Problem 72P
Problem 73P
Problem 74P
Problem 75P
Problem 76P
Problem 77C
Problem 79C
Problem 1MTC
Problem 2MTC
Problem 3MTC
Problem 4MTC
Problem 5MTC
Problem 6MTC
Problem 7MTC
Problem 8MTC
Problem 9MTC
Problem 10MTC
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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(Appendix 10A) Which of the following is true concerning labor variances that are not material in amount?

  1. a. They are closed to Cost of Goods Sold.
  2. b. They are prorated among Work in Process, Finished Goods, and Cost of Goods Sold.
  3. c. They are prorated among Materials, Work in Process, Finished Goods, and Cost of Goods Sold.
  4. d. They are reported on the balance sheet at the end of the year.
  5. e. All of these.

To determine

Identify the correct statement with respect to labor variances.

Explanation

Variance:

The amount obtained when actual cost is deducted from budgeted cost is known as variance. Variance is calculated to find whether the cost is over applied or under applied.

a.

The variances are closed to cost of goods sold if they are immaterial. It is an acceptable practice but only in case of immaterial labor variances. Therefore, option a is the correct answer.

b.

Material labor variances are prorated among work in process, finished goods and cost of goods sold...

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