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Record the necessary journal entries to close the accounts

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Question - Waddell Productions makes separate journal entries for all cost accounting-related activities. It uses a standard cost system for all manufacturing items. For the month of June, the following activities have taken place:

Direct Manufacturing Materials Purchased $300,000

Direct Manufacturing Materials Used 250,000

Direct Materials Price Variance 10,000 unfavorable (at time of purchase)

Direct Materials Efficiency Variance 15,000 favorable

Direct Manufacturing Labor Price Variance 6,000 favorable

Direct Manufacturing Labor Efficiency Variance 4,000 favorable

Direct Manufacturing Labor Payable 170,000

Required - Record the necessary journal entries to close the accounts for the month.

Reference no: EM132545754

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