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Recording Standards in Accounts Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances

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Answer #1
No Account Debit Credit
A Direct materials (2450*48.50) 118,825
Direct materials Price Variance 8,575
Accounts Payable (2450*52) 127,400
B Work in Process (200*10*48.50) 97,000
Direct materials quantity Variance 4,850
Direct materials (48.50*1900) 92,150
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