The following direct materials variance analysis was performed for Jackson. Requirements 1. Record Jacksons direct materials journal

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The following direct materials variance analysis was performed for Jackson.

Requirements
1. Record Jackson€™s direct materials journal entries. Assume purchases were made on account.
2. Explain what management will do with this variance information.

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Requirement 1 Date Accounts and Explanation Debit Credit Raw Materials Inventory 3510 Direct Materials Cost Variance 1170 Accounts Payable 4680 Purcha...View the full answer

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Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

5th edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Jun 15, 2015 10:07 AM

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The following direct materials variance analysis was performed for Jackson. Requirements 1. Record Jacksons direct materials journal

Question:

AC X AQ $0.60 per pound SC X AQ 50.45 per pound $0.45 per pound 7,100 pounds $3,195 7,800 pounds 7,800 pounds 53,510 $4,680 Cost Variance Efficiency Variance $315 U 51,170 U

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Requirement 1 Date Accounts and Explanation Debit Credit Raw Materials Inventory 3510 Direct Materials Cost Variance 1170 Accounts Payable 4680 Purcha...View the full answer

Horngrens Financial and Managerial Accounting

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