Need the rest, thank you Levine Inc., which produces a single product, has prepa

Question

Need the rest, thank you

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $3.00 per pound) Direct labor (6 hours at $14.00 per hour) During the month of April, the company manufactures 150 units and incurs the following actual costs. Direct materials purchased and used (930 pounds) Direct labor (930 hours) ournalize the entries to record the materials and labor variances. (Credit account titles are automatically indented when amount is entered. Do not indent $18.00 $84.00 $2,976 $12,834 manually. Round answers to O decimal places, e.g. 125.)

Explanation / Answer

material price variance (Actual rate - standard rate)*actual qty purchased (2976 - 3*930) (2976-2790) 186 U Material Quantity variance (Actual qty used - standard qty allowed)*standard rare (930*3                   - 150*6*3) 2790 - 2700 90 U labor price variance (actual rate - standard rate)*actual hours (12,834         - 930*14) (12834 - 13020) 186 F labor efficiency variance (actual hours - standard hours allowed)*standard rate (930                  - 150*6)*14 (930 - 900)*14 420 U Account titles and Explanation Debit Credit Raw materials inventory 2790 material price variance 186 accounts payable 2976 work in process inventory 2,700 materials qty variance 90 raw materials inventory 2,790 factory wages 13,020 labor price variance 186 wages payable 12,834 work in process 12,600 labor quantity variance 420 factory wages 13,020

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