Hart Company made 3,340 bookshelves using 22,340 board feet of wood costing $308,292. The company's direct materials standards for one bookshelf are 8 board feet of wood at $13.70 per board foot.

Hart Company uses a standard costing system. (1) Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. (2) Assume that Hart's 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.

Journal entry worksheet

• Record price and quantity variances.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1

Note: Enter debits before credits.

Record closing of price and quantity variances to cost of goods sold.

Transaction	General Journal	Debit	Credit
1