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A manufacturing company uses standard costing. The company reports a favorable direct labor usage (quantity)...

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Accounting

A manufacturing company uses standard costing. The company reports a favorable direct labor usage (quantity) variance of $700 and no other variances. The closing entry for variances would:

a.

increase cost of goods sold by 700.

b.

decrease cost of goods sold by 700

c.

have no effect on cost of goods sold

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