It's year-end and you have the task of clearing up the final accounting entries for management accounting. There is an unfavourable direct materials price variance of $25,000 which needs to be closed from the manufacturing overhead account. The company uses the proration approach in this situation, and it has been determined that half of the variance should be charged to finished goods and half to cost of goods sold.
Prepare the necessary entry for the end of period adjustment.
Definitions:
Behaviour Modification
A process of changing maladaptive or undesired behaviors through reinforcement strategies, punishment, or other learning techniques.
Classical Conditioning
A mode of learning through which two stimuli are systematically associated; a reaction that is initially provoked by the second stimulus soon gets provoked by the first stimulus.
Observational Learning
A learning process where individuals observe and mimic the behavior of others, acquiring new skills or behaviors without direct experience.
Negative Reinforcement
is a behavioral psychology concept where the removal of an unfavorable outcome or stimulus strengthens a behavior.
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