Question: When a journal entry is made in a standard cost system to record the liability for direct manufacturing labor costs, the difference between the debits

When a journal entry is made in a standard cost system to record the liability for direct manufacturing labor costs, the difference between the debits to the work in process accounts and the credits to the payroll payable is

a. only the price variance.

b. only the efficiency variance.

c. the difference between the actual costs incurred and the budgeted costs.

d. the price and the efficiency labor variances.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

when a journal entry is made in a standard cost system to record the liability manufacturing labor cost, the difference between the debits to the working account and the credits to the payroll...

Requirments 1-4 please help The University of Portland Press is wholly owned by the university. It performs the bulk of its work for other university departments, whic stock of books for general...

M:8 HW 1. ProNet Systems is a start-up company that makes connectors for high-speed Internet connections. The company has budgeted variable costs of $150 for each connector and fixed costs of $6,000...

What is the difference between Questions number 126 and 130 that makes the answer different? Cost Accounting, 13e (Horngren et al.) Chapter 8 Flexible Budgets, Overhead Cost Variances, and Management...

Data table Data table Standards: 3 yards of cloth per unit at $ 1 . 2 5 per yard Requirements 2 direct labor hours per unit at $ 1 7 . 5 0 per hour Overhead allocated at $ 3 . 0 0 per direct labor...

I am trying to figure out how to calculate work in process, April 1 conversion (problem 12 on page 13) by looking at the example on pages 1-2 of the attachment. This is 3. Computation of unit costs....

The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $190,000...

please help with all parts of this question particularly H down Memory Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in...

Question 1 [1/2 Mark] Dharwish Corporation uses normal costing where overhead is allocated to jobs on the basis of direct labour hours. The company estimated a total manufacturing overhead of...

Data Table oss is ack of ringo data $ 880 720 140 1,320 900 410 Direct materials and supplies purchased on credit Direct materials used Indirect materials issued to various production departments...

If an average production employee were given the option to have an additional $ 100 per month in salary or the equivalent of $ 200 per month in voluntary benefits, which do you think the employee...

Create the table that would result from applying the SELECT and PROJECT relational operators to the CHARTER table to return only the CHAR_TRIP, CHAR_PILOT, and CHAR_COPILOT attributes for charters...

The slope of an investment s characteristics line identifies the investment s Diversifiable risk Total risk Unsystematic risk Systemic risk

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

A Was Bradley wrong, or was he just doing what any aspiring journalist would do to free up his time? Do you have a greater understanding for his struggle in light of your own position?

B Is it OK to pawn your work off on unpaid college students, even if theyre willing to do it?

Did the event attract volunteers from outside the group? Fifteen nonmembers participated in the cleanup, among them several schoolchildren who attended with their parents.