BuckJays franchise has decided that a standard costing system makes the most sense for managing their

company and so for each product they have established standard costs to help them better budget and

manage their performance. Their main product is a jersey that has taken the market by storm

The standard cost card for the one single jersey is as follows:

The following information is available for the year just ended is also presented below:

Required

$1$ Prepare the variances for each of the DM$,$ DL$,$ Variable and Fixed Overheads

$($be sure to name the variances correctly and identify if favourable or unfavourable$)$

$2$ Prepare the journal entries to record the purchase and use of DM$,$ and the DL

$3$ During the year, due to illness there was a lot of shifts at work that required more

manager level folks to step in and cover. Did they do a good job $($were they more efficient$)?$

$4$ They had some supplier issues that required they switch their regular material out for another

more readily available when they needed it$.$ Should they continue with that replacement material? $($explain$)$