Preparing Journal Entries to Record Direct Labor Costs, Variances
Bowman Company reported the following information for the month of November. The standard cost of labor for the month was $38,000, but actual wages paid were $40,000. Bowman has calculated its direct labor rate and efficiency variances to be $2,500 unfavorable and $500 favorable, respectively. Prepare the necessary journal entry to record Bowman’s direct labor cost for the month assuming that standard labor costs are recorded directly to Cost of Good Sold.
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