24 Comprehensive Piedmont Manufacturing produces metal products with the following standard quantity and cost information: Direct Material Aluminum 4 sheets @ $4 $16 Copper 3 sheets @ $8 Direct labor 7 hours @ $16 112 Variable overhead 5 machine hours @ $6 30 Fixed overhead 5 machine hours @ $4 20 Overhead rates were based on normal monthly capacity of 6,000 machine hours. During November, the company produced only 850 units because of a labor strike, which occurred during union contract negotiations. After the dispute was settled, the company scheduled overtime to try to meet regular production levels. The following costs were incurred in November: Material Aluminum 4,000 sheets purchased @ $3.80 Used 3,500 sheets Copper 3,000 sheets purchased @ $8.40 Used 2,600 sheets Direct Labor Regular time 5,200 hours @ $16 (pre-contract settlement) Regular time 900 hours @ $17 (post-contract settlement) Variable Overhead $23,300 (based on 4,175 machine hours) Fixed Overhead $18,850 (based on 4,175 machine hours) a. Determine the following variances for November. Note: Do not use negative signs with your answers. a. Total material price variance $ (400) U b. Total material usage (quantity) variance $ 400 U c. Labor rate variance $ 0 d. Labor efficiency variance $ 0 e. Variable overhead spending variance $ 0 f. Variable overhead efficiency variance $ 0 g. Fixed overhead spending variance $ 0 . h. Volume variance $ 0 1) i. Budget variance $ 0 b. Prepare the journal entries to record the standard costing information for November. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. Account Debit Credit 0 0 > 0 0 . 0 0 To record aluminum price variance > 0 0 0 0 0 . 0 0 To record copper price variance 0 > 0 0 0 0 0 To record aluminum quantity variance . . 0 0 0 0 0 0 To record copper quantity variance . 0 0 . 0 0 0 0 0 0 To record labor variances 0 O 0 0 Account Debit Credit 0 0 . 0 0 0 0 To record aluminum price variance . 0 0 0 0 0 0 To record copper price variance 0 0 > 0 0 0 0 To record aluminum quantity variance 0 0 . > 0 0 0 0 To record copper quantity variance 0 0 0 0 0 0 To record labor variances 0 0 0 0 0 0 0 0 0 To record variable overhead variances 0 0 0 0 0 0 0 0 To record fixed overhead variances