Compute materials quantity and price variances; record variances.

(Objs. 3, 4). The standard materials cost of producing 1 pound of Hard Coat is as follows:

8^ ounces of resin at 12 cents per ounce $1.02 8^ ounces of Long Last Mix at 30 cents per ounce 2.55 Total $3.57 During April 19X9, 4,000 pounds of Hard Coat were produced. The actual materials costs were as follows:

32,480 ounces of resin at 12^ cents per ounce $ 4,060.00 32,160 ounces of Long Last Mix at 30^ cents per ounce 9,808.80 Total $13,868.80

a. Compute the materials price variances and the materials quantity variances for April 19X9. Show whether the variances are favorable or unfavorable.

b. Give the entries in general journal form to record the materials placed in work in process and the related variances.

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