Bliny Corporation makes a product with the following standard costs for direct m

Question

Bliny Corporation makes a product with the following standard costs for direct material and direct labor Direct material: 2.10 meters at $3.00 per meter Diect labor: 0.30 hours at $12.50 per hour $6.30 $3.75 During the most recent month, 5,100 units were produced. The costs associated with the month's production of this product were as follows: $ 35,090 Material purchased: 12,100 meters at $2.90 per meter Material used in production: 11,260 meters Direct labor: 1,500 hours at $12.75 per hour $19,125 The standard cost variances for direct material and direct labor are Materials price variance: 12,100 meters at $0.10 per meter F Materials quantity variance: 550 meters at $3.00 per meter U Labor rate variance: 1,500 hours at $0.25 per hour U Labor efficiency variance: 30 hours at $12.50 per hour F $1,210 F $1,650 U $ 375 U S 375 F

Explanation / Answer

1) Journal Entry Accounting titles & explanations Debit Credit Materials (12,100*3) 36300 materials price variance 1,210 accounts payable 35,090 2) Work in process (5100*6.30) 32130 materials quantity variance 1,650 materials. (11,260*3) 33,780 3) Work In process (5100*3.75) 19125 labor rate variance 375 labor efficiency variance 375 wages payable 19,125

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