Variance Accounts Assignment | Top Universities

Closing the Balances in The Variance Accounts at the End of the Year

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Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end:

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Debit Credit
Direct Materials Price Variance $14,250
Direct Materials Usage Variance $1,100
Direct Labor Rate Variance 880
Direct Labor Efficiency Variance $12,700

Unadjusted Cost of Goods Sold equals $1,520,000, unadjusted Work in Process equals $266,000, and unadjusted Finished Goods equals $210,000.


1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. Note: Close the variances with a debit balance first. If an amount box does not require an entry, leave it blank or enter “0”.

Close variances with debit balance
Close variances with credit balance

What is the adjusted balance in Cost of Goods Sold after closing out the variances?


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2. What if any ending balance in a variance account that exceeds $11,000 is considered material? (a) Close the immaterial variance accounts to Cost of Goods Sold. (b) Prorate the largest of the labor variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. (c) Prorate the largest of the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is $1,060,000, the prime cost in Work in Process is $164,200, and the prime cost in Finished Goods is $136,000. If an amount box does not require an entry, leave it blank or enter “0”.

Note: Round all interim calculations to three decimal places, and round your final answers to the nearest dollar. Adjust credit entry for rounding to ensure debits equal credits in journal entry.


What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances?

Adjusted balance
Work in Process $
Finished Goods $
Cost of Goods Sold $

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