Mason Company has identified the following variances for the…
Mason Company has identified the following variances for the year: Favorable Direct Materials Price Variance Account currently shows a credit balance of $20,000 Unfavorable Direct Materials Efficiency Variance Account currently shows a debit balance $10,000 How would Mason company record the journal entry to write off/clear the direct materials variances to Cost of Good Sold at the end of the accounting period?
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