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Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Direct material: 3.50 meters at $3.90 per meter $

Bliny Corporation makes a product with the following standard costs for direct material and direct labor:

Direct material: 3.50 meters at $3.90 per meter $ 13.65
Direct labor: 0.55 hours at $12.50 per hour $ 6.88

During the most recent month, 4,800 units were produced. The costs associated with the months production of this product were as follows:

Material purchased: 13,900 meters at $3.55 per meter $ 49,345
Material used in production: 17,450 meters
Direct labor: 2,600 hours at $12.75 per hour $ 33,150

The standard cost variances for direct material and direct labor are:
Materials price variance: 13,900 meters at $0.35 per meter F $ 4,865 F
Materials quantity variance: 650 meters at $3.90 per meter U $ 2,535 U
Labor rate variance: 2,600 hours at $0.25 per hour U $ 650 U
Labor efficiency variance: 40 hours at $12.50 per hour F $ 500 F

Required:
1.

Prepare the journal entry to record the purchase of materials on account for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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2.

Prepare the journal entry to record the use of materials for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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3.

Prepare the journal entry to record the incurrence of direct labor cost for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Transaction General Journal Debit Credit Raw materials Materials price variance Accounts payable

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