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Prepare journal entry to record direct materials variances

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Reference no: EM131539673

Question: 1. Under what conditions is an overhead volume variance considered favorable?

2. A company uses a standard cost accounting system. Prepare the journal entry to record these direct materials variances:

Direct materials cost actually incurred. . . . . . . . . . . . . . . . . . $73,200

Direct materials quantity variance (favorable) . . . . . . . . . . . . 3,800

Direct materials price variance (unfavorable) . . . . . . . . . . . . 1,300

3. What limits the usefulness to managers of fixed budget performance reports?

Reference no: EM131539673

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