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Variances and Journal Entries $ 5 4 , 0 0 0 . Jacobs accounts for all inventories and cost of goods sold at standard cost

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Variances and Journal Entries
$54,000.
Jacobs accounts for all inventories and cost of goods sold at standard cost and records each variance in a separate account. The following data relate to May when 17,700 finished units were produced.
in production. Record these entries using standard costs and include the appropriate materials variances.
b. Assuming employees worked 8,900 direct labor hours at an average hourly rate of $12.20, prepare a journal entry to record actual costs, standard costs, and any labor variances.
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