Actual production was 18,000 units.

160,000 direct labor hours were incurred and the actual labor rate paid was $17.50 per direct labor hour.

Actual production is 18,000 units. 110,000 pounds of material were purchased for $5.80 per pound. 94,000 pounds of material were used in production With the information provided: A. Prepare an eight production variance B. Provide all standard costing journal entries Standard Costing: Use the additional following information: Shepherd Company has established the following standards for the production of its finished units: (*the fixed overhead rate was based on a budgeted production level of 16,000 units) You will compute the 8 production cost variances and you will be asked for the standard costing journal entries. When you make your journal entries, be sure to include the account name and dollar amount and be sure it is clear which account is to be debited and credited. I would suggest the following format, for example for the collection of accounts receivable: Debit Cash $1,000 Credit Accounts Receivable $1,000