At year-end 2013, the trial balance of Pennopscott Corp. showed the following accounts and amounts: Assume that,

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At year-end 2013, the trial balance of Pennopscott Corp. showed the following accounts and amounts:

Assume that, taken together, the variances are believed to be significant. Prepare the journal entries to close the variances at year-end. Round any necessary calculations to one decimalpoint.

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Cost Accounting Foundations and Evolutions

ISBN: 978-1111971724

9th edition

Authors: Michael R. Kinney, Cecily A. Raiborn

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Question Posted: Jun 03, 2014 09:14 AM

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At year-end 2013, the trial balance of Pennopscott Corp. showed the following accounts and amounts: Assume that,

Question:

Debit Credit Raw Material Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Material Price Variance Material Quantity Variance Labor Rate Vanance Labor Efficiency Variance S 73,200 87,840 131,760 1,171,200 14,500 $21,930 2,200 8,780

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Material Price Variance 14500 U Balances of Total Allocation Raw Material 73200 5 72...View the full answer

Cost Accounting Foundations and Evolutions

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