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Prepare december journal entries to record the company

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Reference no: EM132497264

Boss company stand 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

Question 1: Prepare December 31 journal entries to record the company cost and variances for the month. (Do not prepare the journal entry to close the variances.)

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

Reference no: EM132497264

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