In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning...
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Accounting
In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials.
| Actual production | 113,000 | units | |
| Direct materials purchased (actual) | $ | 1,882,800 | |
| Standard cost of materials purchased | 1,574,000 | ||
| Standard direct materials costs per unit produced | 14 | ||
| Standard price times actual amount of materials used | 1,425,950 | ||
Assume that Mathis Company had no beginning finished goods inventory and only produced one product. Mathis sold 99,440 units during the period.
Required: a. Assume Mathis writes off all variances to Cost of Goods Sold. Prepare the entries Mathis would make to record and close out the variances. b. Assume Mathis prorates all variances to the appropriate accounts. Prepare the entries Mathis would make to record and close out the variances.
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