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 4,504 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 variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Notel If no entry is required for a transactionfevent, select "No journal entry required" in the first account field. Assume Fischer writes off all variances 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. Journal entry worksheet Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close a 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. Notn: 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 dosure of direct labor cost variances to Cost of Goods Sold. Note: Freer deblas before oredes 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 joumal 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 credis: 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 fleid. Journal entry worksheet Record the cost of the direct materials purchased and the materials price variance. Hote finter setoms before credizs, 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 Fnished Goods Inventory. Note: tenter debifs before tres.es
