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Prepare a journal entry to close the variance

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Reference no: EM13951353

The variance summary for Bell Computers is as follows:
Bell Computers
Variance Summary
For the Year Ended December 31, 2012
Material price variance ...........($ 4,200) favorable
Material quantity variance ............$ 3,300 unfavorable
Labor rate variance ..............($ 165) favorable
Labor efficiency variance ..........$ 2,650 unfavorable
Controllable overhead variance .........$ 2,550 unfavorable
Overhead volume variance ..........$ 4,550 unfavorable
Total ....................$ 8,685 unfavorable

Required:

Prepare a journal entry to close the variance accounts at Bell Computers .Assume that the total variance is not material and is closed to cost of goods sold.


Reference no: EM13951353

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