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All - Star Company uses a standard cost system and reports the following information for...

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Accounting

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All - Star Company uses a standard cost system and reports the following information for 2024: All - Star Company reported the following variances: (Click the icon to view the information.) (Click the icon to view the variances.) All - Star produced 1,000 units of finished product in 2024. Read the Begin by joumalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry-) Data table Data table Standards: 3 yards of cloth per unit at $1.20 per yard 2 direct labor hours per unit at $11.50 per hour Overhead allocated at $3.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.25 per yard Employees worked 1,500 hours and were paid $11.00 per hour Actual variable overhead was $1,600 Actual fixed overhead was $2,200

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