Reference no: EM132549516

Below is data taken from Aysha Corporation books:

Direct Manufacturing Materials Purchased $300,000

Direct Manufacturing Materials Used 225,000

Direct Materials Price Variance 20,000 unfavorable

(at time of purchase)

Direct Materials Efficiency Variance 20,000 favorable

Direct Manufacturing Labor Price Variance 10,000 unfavorable

Direct Manufacturing Labor Efficiency Variance 6,000 favorable

Direct Manufacturing Labor Payable 320,000

Required:

Question 1: Record the necessary journal entries to Close the accounts for the month and Write off the variances into COGS.