At the end of the fiscal year, variances from standard costs are usually transferred to the

A) direct labor account
B) factory overhead account
C) cost of goods sold account
D) direct materials account

Variances

Differences between planned or expected financial performances to the actual financial performance.

Standard Costs

Predetermined costs for materials, labor, and overhead that are used as benchmarks to measure actual performance against expected results.

Cost Of Goods Sold Account

An account in the general ledger that tracks the direct costs attributable to the production of the goods sold by a company.