Chapter 7 Homework C Solved: Bell Inc. manufactur + BusinessCourse https://mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt=4016967&cmid=236099 * Return to course Question 1 Not complete Marked out of 26.00 Flag question My Subscriptions Kelley Fitzhugh eBook Print DM variances; journal entries Skip Company produces a product called Lem. The standard direct material cost to produce one unit of Lem is four quarts of raw material at $2.50 per quart. During May, 3,360 quarts of raw material were purchased at a cost of $8,064. All the purchased material was used to produce 800 units of Lem. a. Compute the material price variance and material quantity variance for May. Note: Do not use a negative sign with your answers. $ Material price variance Material quantity variance $ 0 0 b. Assume the same facts except that Skip Company purchased 4,800 quarts of material at the previously calculated cost per quart, but used only 3,360 quarts. Compute the material price variance and material quantity variance for May, assuming that Skip identifies variances at the earliest possible time. Note: Do not use a negative sign with your answers. Material price variance $ Material quantity variance $ 0 0 c. Prepare the journal entries to record the material price and usage variances calculated in (b). Note: List any multiple debits or any multiple credits in alphabetical order by account name. Account Debit Credit 0 0 0 0 0 0 To record material price variance 0 0 0 0 0 To record material quantity variance Check Type here to search TT O S Support 6:11 PM hulu 9/27/2020