Chapter 24 Flexible Budgets and Standard Costs Standard direct materials cost ...... Direct materiais quantity wariance vorable) ..... Direct materials price variance (favorable) .......... Actual direct labor cost... . . Direct labor efficiency variano (fuvorable) ......... Direct labor rate variance (unfavorable) .......... Actual overhead cost ......... ............. Volume variance (unfavorable) .... .. ..... Controllable variance (unfavorable) .. ....... $130,000 S100 1,500 65.000 3,000 500 250,000 12,000 3,000 Required 1. Prepare joumal entries dated June 30 to record the company's costs and variances for the month (1) Dr. Goods in Process wy (for overhead). $230,000 Analysis Component 2. Identify the areas that would attract the attention of a manager who uses mingement by exception. Describe what action(s) the manager should consider