Waddell Productions makes separate journal entries for all cost accounting-related activities. It uses a standard cost s

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Waddell Productions Makes Separate Journal Entries For All Cost Accounting Related Activities It Uses A Standard Cost S 1 (61.85 KiB) Viewed 60 times

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 ended of June 30, 2022, the following activities have taken place: $300,000 250,000 10,000 unfavorable Direct Manufacturing Materials Purchased Direct Manufacturing Materials Used Direct Materials Price Variance (at time of purchase) Direct Materials Efficiency Variance Direct Manufacturing Labor Price Variance Direct Manufacturing Labor Efficiency Variance Direct Manufacturing Labor Payable 15,000 favorable 6,000 favorable 4,000 favorable 170,000 Required: Record the necessary journal entries to close the accounts for the month.