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Prepare fully labeled variance diagrams

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Reference no: EM133170433

Question - Perry Products Inc. which makes school desks, uses a standard cost system and provides the following data concerning its operations during the last month (October):

Description

Units or $

Units of output

750 units

Standard quantity of materials per desk

16 sq. m.

Standard price per sq. m. materials

$20.00/sq. m.

Actual purchase cost of materials

$259,120

Actual quantity of materials purchased

12,640 sq. m.

Actual quantity of materials used in production.

11,850 sq. m.

Std. hrs allowed per unit for labour

3 hrs. per desk

Std. wage rate

$30.00

Actual wage rate

$31.00

Actual direct labour hours used

2,325 hrs.

Required -

1. Prepare fully labeled variance diagrams (used in class) for Direct Materials and Direct Labour including the specific dollar amounts for all variances.

2. Prepare journal entries only for materials and labour.

Reference no: EM133170433

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