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Managerial Accounting: The Corners...

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

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Refer to the information for Deporte Company above.

Required:

  1. 1. Prepare a journal entry for the purchase of raw materials.
  2. 2. Prepare a journal entry for the issuance of raw materials.
  3. 3. Prepare a journal entry for the addition of labor to Work in Process.
  4. 4. Prepare a journal entry for the closing of variances to Cost of Goods Sold.

1.

To determine

Pass journal entries for the purchase of raw material.

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.

Journal entry for purchase of raw material:

DateAccount Title and ExplanationPost Ref.

Debit

($)

Credit

($)

 Material 75,525 
       Material price variance�...

2.

To determine

Pass journal entries for the issuance of raw material.

3.

To determine

Pass journal entries for the addition of labor to work in progress.

4.

To determine

Pass journal entries for the closing of variances to cost of goods sold.

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