The following information comes from the flexible budget performance report of Jackal Corp. for the current period. 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.Direct materials actual cost…………………………$237,400Direct materials standard cost ……………………$238,750Materials price variance………………………….$ 11,700 UMaterials quantity variance…………………………$ 13,050 F
What will be an ideal response?
| Work in Process Inventory | 238,750 | ? |
| Direct Material Price Variance | 11,700 | ? |
| Direct Material Quantity Variance | ? | 13,050 |
| Raw Materials Inventory | ? | 237,400 |
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