Standard Products Company Recognizes Variances from Standards at the Earliest

question 93

Essay

Standard Products Company recognizes variances from standards at the earliest opportunity, and the quantity of direct materials purchased is equal to the quantity used. The following information is available for the most recent month. Assume the allocation base for fixed overhead costs is the number of units.
Journalize the allocation of overhead costs to Work in Process Inventory and closing manufacturing overhead costs to overhead variances.

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