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 30 Fixed overhead 5 machine hours @ $4 20 Overhead rates were based on normal monthly capacity of 3,600 machine hours. During November, the company produced only 510 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 2,400 sheets purchased @ $3.80 Used 2,100 sheets Copper 1,800 sheets purchased @ $8.40 Used 1,560 sheets Direct Labor Regular time 3,120 hours @ $16 (pre-contract settlement) Regular time 540 hours @ $17 (post-contract settlement) Variable Overhead $13,980 (based on 2,505 machine hours) Fixed Overhead $11,310 (based on 2,505 machine hours) a. Determine the following variances for November. Note: Do not use negative signs with your answers. a. Total material price variance $Answer 240 Answer U b. Total material usage (quantity) variance $Answer 480 Answer U c. Labor rate variance $Answer 540 Answer U d. Labor efficiency variance $Answer 240 Answer U e. Variable overhead spending variance $Answer 540 Answer F f. Variable overhead efficiency variance $Answer 0 Answer F g. Fixed overhead spending variance $Answer 0 Answer F h. Volume variance $Answer 0 Answer U i. Budget variance $Answer 0 Answer F 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 Answer Aluminum Material Inventory Answer 0 Answer 0 Answer Accounts Payable Answer 0 Answer 0 Answer Aluminum Material Price Variance Answer 0 Answer 0 To record aluminum price variance Answer Copper Material Inventory Answer 0 Answer 0 Answer Copper Material Price Variance Answer 0 Answer 0 Answer Accounts Payable Answer 0 Answer 0 To record copper price variance Answer Aluminum Material Quantity Variance Answer 0 Answer 0 Answer Work in Process Inventory Answer 0 Answer 0 Answer Aluminum Material Inventory Answer 0 Answer 0 To record aluminum quantity variance Answer Copper Material Quantity Variance Answer 0 Answer 0 Answer Work in Process Inventory Answer 0 Answer 0 Answer Copper Material Inventory Answer 0 Answer 0 To record copper quantity variance Answer Labor Efficiency Variance Answer 0 Answer 0 Answer Labor Rate Variance Answer 0 Answer 0 Answer Work in Process Inventory Answer 0 Answer 0 Answer Wages Payable Answer 0 Answer 0 To record labor variances Answer Work in Process Inventory Answer 0 Answer 0 Answer Variable OH Control Answer 0 Answer 0 Answer Variable OH Efficiency Variance Answer 0 Answer 0 Answer Variable OH Spending Variance Answer 0 Answer 0 To record variable overhead variances Answer Volume Variance Answer 0 Answer 0 Answer Work in Process Inventory Answer 0 Answer 0 Answer Fixed OH Control Answer 0 Answer 0 Answer Fixed OH Spending Variance Answer 0 Answer 0 To record fixed overhead variances