Essay
The following information comes from the flexible budget performance report of Jackal Corp. for the current period. Prepare the journal entries to charge direct materials and direct labor costs to work in process and the materials and labor variances to their proper accounts.
Direct materials actual cost………………………… $237,400
Direct materials standard cost …………………… $238,750
Materials price variance…………………………. $11,700 U
Materials quantity variance………………………… $13,050 F
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