Prepare the journal entry to record these direct materials variances

Accounting Dec 29, 2020

Prepare the journal entry to record these direct materials variances. Direct materials cost actually incurred. Direct materials quantity variance .. Direct materials price variance.. $73,200 3,800 F 1,300 U 13 La

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Answer

· Required entry

Accounts Titles	Debit	Credit
Work in Process Inventory [73200 + 3800 – 1300]	$75,700.00
Direct Material Price variance	$1,300.00
Direct Material Quantity variance		$ 3,800.00
Raw material Inventory		$ 73,200.00

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