Gates Corporation reported the following information concerning its direct materials. Assume that Gates Company had...
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Gates Corporation reported the following information concerning its direct materials. Assume that Gates Company had no beginning finished goods inventory and only produced one product. Gates sold 25,000 units during the period. Required: a. Assume Gates writes off all variances to Cost of Goods Sold. Prepare the entries Gates would make to record and close out the variances. b. Assume Gates prorates all variances to the appropriate accounts. Prepare the entries Gates would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Assume Gates writes off all variances to Cost of Goods Sold. Prepare the entries Gates would make to record and close out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) Journal entry worksheet Assume Gates writes off all varlances to Cost of Goods Sold. Prepare the entrles Gates would make to record and close out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the standard cost of materlals used and the materlals efficlency variance. Note: Enter debits before credits
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