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Describe what action the manager should consider

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Reference no: EM131539811

Question: Kincaid Company's standard cost accounting system recorded this information from its June operations.

Standard direct materials cost . . . . . . . . . . . . . . . . . . . . . . . . $220,500

Direct materials quantity variance (favorable) . . . . . . . . . 20,250

Direct materials price variance (favorable) . . . . . . . . . . . . 14,500

Actual direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,000

Direct labor efficiency variance (favorable) . . . . . . . . . . . . 26,700

Direct labor rate variance (unfavorable) . . . . . . . . . . . . . . 3,500

Actual overhead cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359,000

Volume variance (unfavorable) . . . . . . . . . . . . . . . . . . . . . . 1,650

Controllable variance (unfavorable) . . . . . . . . . . . . . . . . . . 32,500

Required: 1. Prepare journal entries dated June 30 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. Describe what action(s) the manager should consider.

Reference no: EM131539811

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