Eli uses a standard costing system. At the end of the fiscal year, only the...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Eli uses a standard costing system. At the end of the fiscal year, only the following variance accounts had balances:
| Material Price Variance | $260 (debit) |
| Material Quantity Variance | $35 (credit) |
| Labor Efficiency Variance | $65 (credit) |
Assuming these amounts are not considered significant, which one of the following will be part of the journal entry to close these accounts?
Group of answer choices
A.) Credit to Cost of Goods Sold for $160
B.) Debit to Manufacturing Overhead Variances for $260
C.) Debit to Cost of Goods Sold for $160
D,) Credit to Manufacturing Overhead Control for $160
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.