Novak was closing up shop for the season and for the fiscal year$-$end, as well. Managers had carefully evaluated the company's

performance, comparing the actual results to budget. They even dug a little deeper into the flexible budget variances to determine the

respective price and efficiency $($or volume$)$ variances. The following shows the framework used to determine these variances$-$

although you'll notice that they neglected to label the differences. Price variance

Efficiency variance

$1,850$

Unfavorable

$1\mathrm{.}400$

Fixed$-$MOH

$$

Price variance

$2,200$

Unfavorable

$

$1\mathrm{.}200$

Favorable

Volume variance

Textbook and Media

Assistance Used

Solution

List of Accounts

Attempts: $4$ of $4$ used

$($b$)$

Record the journal entry to write off these variances directly to COGS this period. $($Credit