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Please use the table in the picture to help me complete the problem. Thank you Waddell Productions makes separate journal entries for all cost accounting-related
Please use the table in the picture to help me complete the problem. Thank you Waddell Productions makes separate journal entries for all cost accounting-related activities. It uses a standard cost system for all manufacturing items. For the month of June, the following activities have taken place: $300,000 Direct Manufacturing Materials Purchased Direct Manufacturing Materials Used 250,000 Direct Materials Price Variance 10,000 unfavorable 15,000 favorable (at time of purchase) Direct Materials Efficiency Variance Direct Manufacturing Labor Price Variance Direct Manufacturing Labor Efficiency Variance Direct Manufacturing Labor Payable 6,000 favorable 4,000 favorable 170,000 Required: Record the necessary journal entries to close the accounts for the month. Journal entries for Variance Account Title Debit Credit
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