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Boss company standard cost accounting system recorded

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Reference no: EM13908687

Boss Company's standard cost accounting system recorded this information from its December operations. 

Standard direct materials cost . . . . . . . . . . . . . . . . . . . . . . . $100,000
Direct materials quantity variance (unfavorable) . . . . . . . . 3,000
Direct materials price variance (favorable) . . . . . . . . . . . . . 500
Actual direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000
Direct labor efficiency variance (favorable) . . . . . . . . . . . . 7,000
Direct labor rate variance (unfavorable) . . . . . . . . . . . . . . . 1,200
Actual overhead cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,000
Volume variance (unfavorable) . . . . . . . . . . . . . . . . . . . . . . 12,000
Controllable variance (unfavorable) . . . . . . . . . . . . . . . . . . . 9,000

Required: 

1. Prepare December 31 journal entries to record the company's costs and variances for the month. (Do not prepare the journal entry to close the variances.) Analysis Component: 

2. Identify the areas that would attract the attention of a manager who uses management by exception. Explain what action(s) the manager should consider.

Reference no: EM13908687

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