As of May 31, the bank statement of Xi Company showed an ending balance of $8,632.52. The following information was available:
Required:Determine the true cash balance by preparing (only)the section of the bank reconciliation that starts with the bank balance.
Definitions:
Price Variance
The difference between the standard cost of a product or service and its actual cost, used in budgeting and financial analysis.
Quantity Variance
A measure used in budgeting and accounting to compare the actual quantity of materials or products used to the expected amount under standard costing.
Cost Variance
The difference between the expected cost of a project or production and the actual cost.
Price Variance
The difference between the actual price paid for something and its standard or expected cost.
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