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Can I get help completing the journal entry? Piedmont Manufacturing produces metal products with the following standard quantity and cost information: Direct Material Aluminum 4

Can I get help completing the journal entry?

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Piedmont Manufacturing produces metal products with the following standard quantity and cost information: Direct Material Aluminum 4 sheets @ $4 Copper 3 sheets @ $8 $16 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 14,400 machine hours. During November, the company produced only 2040 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 Materia Juminum 9,600 sheets purchased @ $3.80 Used 8,400 sheets Copper 7,200 sheets purchased @ $8.40 Used 6,240 sheets Direct Labor Regular time |12,480 hours @ $ 16 (pre-contract settlement) Regular time | 2160 hours @ $17 (post-contract settlement) Variable Overhead $55,920 (based on 10,020 machine hours) Overhead $45,240 (based on 10,020 machine hours) . Determine the following variances for November. Note: Do not use negative signs with your answers. a. Total material price variance $ 960 U b. Total material usage (quantity) variance $ 1,920 U c. Labor rate variance $ 2,160 d. Labor efficiency variance $ 5,760 U . Variable overhead spending variance $ 0 : F f. Variable overhead efficiency variance $ 1,080 Fixed overhead spending variance s h. Volume variance $ 0 . 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 Aluminum Material Inventory 0 % OV Accounts Payable Aluminum Material Price Variance 0 * To record aluminum price variance Copper Material Inventory 0 X Copper Material Price Variance Accounts Payable to record copper price vanance Auminum Material Quantity Variance 0 % Work in Process Inventory 0 x Ov Aluminum Material Inventory 0 * To record aluminum quantity variance Copper Material Quantity Variance 0 % OV Work in Process Inventory 0 x OV Copper Material Inventory 0 x To record copper quantity variance Labor Efficiency Variance 0 x OV Labor Rate Variance 0 * OV Work in Process Inventory OV Wages Payable 0 * To record labor variances Work in Process Inventory OV Variable OH Control Variable OH Efficiency Variance 0 x Variable OH Spending Variance To record variable overhead variances Volume Variance 0 x Ov Work in Process Inventory 0 x OV Fixed OH Control 0 x Fixed OH Spending Variance to record fixed overhead variances

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