Central Manufacturing produces metal products with the following standard quantity and cost information:

Overhead rates were based on normal monthly capacity of 7,800 machine hours.
During March, the company produced 1,105 units. The following costs were incurred in March:

1. Determine the following and prepare the journal entries to record the standard costing information for March:

a. Total material price variance

b. Total material quantity variance

c. Labor rate variance

d. Labor efficiency variance

e. Variable overhead spending variance

f. Variable overhead efficiency variance 

g. Fixed overhead spending variance 

2. Prepare the journal entries to record the standard costing information.

Transcribed Image Text:

Stainless steel Copper Direct labor.. Variable overhead Fixed overhead.. 5 sheets at $6.40 $ 32.00 4 sheets at $8.50 34.00 7 hours at $20.00 140.00 6 machine hours at $5.00 6 machine hours at $4.00 30.00 24.00