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Compute the materials variances

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Question - Prepare journal entries for materials variances - During December, a department completed 2,500 units of a product that has a standard materials usage and cost of 1.2 square feet per unit at $0.48 per square foot. The actual material used consisted of 3,050 square feet at an actual cost of $2,664.48. The actual purchase of this material amounted to 4,500 square feet at a total cost of $3,931.20.

a. Compute the materials variances.

b. Using T-accounts, illustrate the journal entries for the purchase of the materials.

c. Using T-accounts, illustrate the journal entries the issuance of materials to production.

Reference no: EM132760590

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