Which is NOT an acceptable method of disposing of variances? a.closing them to work-in-process, finished goods,...
Which is NOT an acceptable method of disposing of variances?
a.closing them to work-in-process, finished goods, and cost of goods sold
b.closing them to raw materials, work-in-process, and finished goods
c.closing them to cost of goods sold
d.All of these choices are acceptable methods.
Homework Answers
Answer: b.closing them to raw materials, work-in-process, and finished goods
Variances are disposed of in following methods:
1.Variances are transferred to costing Profit and loss account.
2.When inventories are valued at standard cost different operational statements can be made available at an earlier date.
3.The variances is equally distributed over cost of sales and stock of finished goods and semi finished goods.
4.Variances are carefully analysed . Profit or loss caused by variances were results of controllable factors would be transferred to profit and loss account.
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Which is NOT an acceptable method of disposing of variances?
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