The following information comes from the records of Barney Co. for the current period.
a. Compute the direct materials price and quantity variances, direct labor rate and efficiency variances and state whether the variance is favorable or unfavorable.
b. Prepare the journal entries to charge direct materials and direct labor costs to work in process and the materials and labor variances to their proper accounts.
Definitions:
Balance Of Trade
The difference between a country's exports and imports of goods.
Net Flow
The difference between the inflow and outflow of funds over a specific period, often used in financial and business analysis.
Money
A medium of exchange that is widely accepted in transactions for goods and services.
Influence Exchange Rates
Refers to the impact of various economic, political, and market factors on the value of one currency in relation to another.
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