Hart Company made 3,000 bookshelves using 22,000 board feet of wood costing $266,200. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12 per board foot.

Hart Company records standard costs in its accounts and its materials variances in separate accounts when it assigns materials costs to the Work in Process Inventory account.

1. Prepare the journal entry that both charges the direct materials costs to the Work in Process Inventory account and records the materials variances in their proper accounts.

2. Assume that Harts materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end.

Hart Company records standard costs in its accounts and its materials variances in separate accounts when it assigns materials costs to the Work in Process Inventory account. (1) Prepare the journal entry that both charges the direct materials costs to the Work in Process lnventory account and records the materials variances in their proper accounts. view transaction Iist view general journal Journal Entry Worksheet Record price and quantity variances. Credit Transaction General Journa Debit 1 Work in process inventory Direct materials price variance Direct materials quantity variance Raw materials inventory *Enter debits before credits record entry done clear entry