Check my work Holburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard cost for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's productes per unit of products Cost Acta Cost $ 11:50 $13.52 5.40 Direct waterials Standard 2.5 rest. perre Actualt 2.6 tres at 55. er tre Direct Labour Standard: 3.5 hours at $3.00 per hour Actult 1.6 hours at 5.5 hour Varenracture overhead Standard 1. st. petu Actual 1.6 housut Shou Powered Standart 11 hours at 55 per hour Act 1 hours at 5.55 per hour 5. 2.0 3.12 Total Coot 7.73 52.76 $14 actal costs 1.2 1239 33,33 305, Directie During this period, the company produced 8,200 units of product. A comparison of standard and actual costs for the period on a total cost basis is also given above. There was no inventory of materials on hand to start the period. During the period. 21320 metres of materials was purchased and used in production. The denominator level of activity for the period was 13.260 hours. Required: 1. For direct materials .. Compute the price and quantity variances for the period indicate the effect of each variance by selecting "P" for favourable "U" for unfavourable, and "None" for no effectie, zero variance) Price variance Quantity vanance b. Prepare journal entries to record all activity relating to direct materials for the period. View transaction list Journal entry worksheet Record the incurrence of direct labour cost for the period General Journal Debit Cred + View 3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effectie., zero variance).) Variable overhead spending variance Variable overhead efficiency variance 4. Compute the fixed overhead budget and volume variance Indicate the effect of variance by selecting" for favourable, "U" for unfavourable, and "None for no effect (etero variance) Fired overhead budget variance Fond overend volume rance Ce my Holburton Muis in a large producer of men's and women's clothing The company was standard court the standard core and actual costs for a recent periode given below for one of the company productie pentru Cist . 12 3,40 . etterlalu Start 2.5 15,40 Act 2.6 test Direct labor Standard 1.0 hours at 3.0 Actual 1. sath Varioutacturing overhead NA 5.0 At 1.5. nufacturing och Standard 12 hours 4.0 Actual 1. hat. Total Cost 24 143 20 Act,200 wita. con 1,200.00 Distance to 3 302.44 41 b. Prepare journal entries to record all activity relating to direct materials for the period. View transaction list Journal entry worksheet
