Comprehensive Piedmont Manufacturing produces metal products with the following standard quantity and cost information: Direct Material Aluminum 4 sheets @ $4 $16 Copper 3 sheets @ $8 24 Direct labor 7 hours @ $16 112 Variable overhead 5 machine hours @ $6 Fixed overhead 5 machine hours @ $4 30 20 Overhead rates were based on normal monthly capacity of 1,200 machine hours. During November, the company produced only 170 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: Material Aluminum 800 sheets purchased @ $3.80 Used 700 sheets Copper 600 sheets purchased @ $8.40 Used 520 sheets Direct Labor Regular time 1,040 hours @ $16 (pre-contract settlement) Regular time 180 hours @ $17 (post-contract settlement) Fixed Overhead $3,770 (based on 835 machine hours) Variable Overhead $4,660 (based on 835 machine hours) a. Determine the following variances for November. Note: Do not use negative signs with your answers. a. Total material price variance $ b. Total material usage (quantity) variance $ 0 U c. Labor rate variance $ 0 U F LL F LL LL d. Labor efficiency variance $ 0 e. Variable overhead spending variance $ 0 f. Variable overhead efficiency variance $ 0 g. Fixed overhead spending variance $ 0 h. Volume variance $ 0 U 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. i. Budget variance $0 F Account Debit Credit Aluminum Material Inventory 0 0 Accounts Payable = 0 0 Aluminum Material Price Variance = 0 0 To record aluminum price variance Copper Material Inventory 0 0 Copper Material Price Variance = 0 0 Accounts Payable = > 0 0 To record copper price variance Aluminum Material Quantity Variance = 0 0 Work in Process Inventory = 0 0 Aluminum Material Inventory 0 0 To record aluminum quantity variance Copper Material Quantity Variance = 0 0 Work in Process Inventory 0 0 To record aluminum price variance Copper Material Inventory 0 0 Copper Material Price Variance 0 0 Accounts Payable = 0 0 To record copper price variance Aluminum Material Quantity Variance 0 0 Work in Process Inventory 0 0 Aluminum Material Inventory = 0 0 To record aluminum quantity variance Copper Material Quantity Variance 0 0 Work in Process Inventory 0 0 Copper Material Inventory = 0 0 To record copper quantity variance Labor Efficiency Variance 0 0 Labor Rate Variance 0 0 Work in Process Inventory 0 0 Wages Payable 0 0 To record labor variances Work in Process Inventory 0 0 Variable OH Control 0 0 Variable OH Efficiency Variance 0 0 Variable OH Spending Variance 0 0 To record variable overhead variances Volume Variance = 0 0 Work in Process Inventory 0 0 Fixed OH Control 0 0 Fixed OH Spending Variance 0 0 To record fixed overhead variances Check