acct 390 ch 17 hw q1

Exercise 17-23 (Algo) Prorating Direct Materials Cost Variances (LO 17-1) Fischer Fabrication reported the following information concerning its direct materials: Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,496 units remained in the warehouse. Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Assume Fischer writes off all varlances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. Journal entry worksheet Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. urnal entry worksheet C Record the standard cost of materials used and the materials variance. ote: Enter debits before credits. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the cost of the direct materials purchased and the materials price variance. Note: Enter debits before credits. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and cl variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the closure of direct labor cost variances to Cost of Goods Sold. Note: Enter debits before credits. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. Journal entry worksheet Record the cost of the direct materials purchased and the materials price variance. Note: Enter debits before credits. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the closure of direct labor cost variances to Cost of Goods Sold and Finished Goods Inventory. Note: Enter debits before credits