In July 2013, Zinger Corp. purchased 20,000 gallons of Numerol for $ 61,000 to use in the

Question:

In July 2013, Zinger Corp. purchased 20,000 gallons of Numerol for $ 61,000 to use in the production of product # 43MR7. During July, Zinger Corp. manufactured 3,900 units of product # 43MR7. The following information is available about standard and actual quantities and costs:

a. Compute the material purchase price variance and the material quantity variance.
b. Compute the labor rate, labor efficiency, and total labor variance.
c. Prepare the journal entries for the material and laborvariances.