Reference no: EM13876906
Direct Materials Price and Usage Variances, Direct Labor Rate and Efficiency Variances, and Journal Entries Chemical, Inc., has set the following standards for direct materials and direct labor for each 20-pound bag of Weed-Be-Doom:
Per Bag
Direct materials: 25 pounds XF-2000 @ $0.08/lb. $2.00
Direct labor: 0.05 hour @ $32/hr. 1.60
The firm manufactured 100,000 bags of Weed-Be-Doom in December and used 2,700,000 pounds of XF-2000 and 5,200 direct labor hours. During the month the firm purchased 3,000,000 lbs. of XF-2000 at $0.075 per pound and incurred a total payroll of $182,000 for direct labor. The firm records purchases at standard cost and therefore recognizes material price variances at point of purchase.
Required
1. Compute the price and usage variances for direct materials, and the rate and efficiency variances for direct labor.
2. Prepare journal entries to record the preceding events.
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Prepare journal entries to record the preceding events
: Compute the price and usage variances for direct materials, and the rate and efficiency variances for direct labor. Prepare journal entries to record the preceding events.
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