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any produced 5,000 cases of lubricant. Each case Slick Corporation is a small producer of synthetic motor oll. During May, the comp contains 12 quarts

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any produced 5,000 cases of lubricant. Each case Slick Corporation is a small producer of synthetic motor oll. During May, the comp contains 12 quarts of synthetic oil. To achieve this level of production, Slic cost of $20,312. It also incur personnel. Manufacturing o information for each case of synthetic motor oil is as follows purchased and used 16,500 gallons of direct materials at a red average direct labor costs of $14 per hour for the 3,987 hours worked in May by its production verhead for the month totaled $9,034, of which $2.200 was considered fixed. Slick's standard cost $1.38 per gallon Direct materials standard price Standard quantity allowed per case Direct labor standard rate Standard hours allowed per case Fixed overhead budgeted Nornal level of production Variable overhead application rate Fixed overhead application rate ($2,600 +5,200 cases Total overhead application rate 3.25 gallons 0.75 direct labor hours 5,280 cases per month $ 16 per hour $2,66e per nonth s 1.58 per case e.5e per case s 2.e0 per case Required: a. Compute the materials price and quantity variances b. Compute the labor rate and efficiency variances c. Compute the manufacturing overhead spending and volume variances d. Prepare the journal entries to 1. Charge materials (at standard) to Work in Process 2. Charge direct labor (at standard) to Work in Process. 3 Charge manufacturing overhead (at standard) to Work in Process 4. Transfer the cost of the 5,000 cases of synthetic motor oil produced in May to Finished Goods. 5 Close any over- or underapplied ovethead to cost of goods sold. Complete this question by entering your answers in the tabs below Required A Required B Required C1 Required O Prepare the journal entries to: 1. Charge materials (at standard) to Work in Process. 2. Charge direct labor (at standard) to Work in Process. 3. Charge manufacturing overhead (at standard) to Work in Process 4. Transfer the cost of the 5,000 cases of synthetic motor oil produced in May to Finished Goods 5. Close any over- or underapplied overhead to cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet

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