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Comprehensive Piedmont Manufacturing produces metal products with the following standard quantity and cost information: Overhead rates were based on normal monthly capacity of 3,600 machine
Comprehensive Piedmont Manufacturing produces metal products with the following standard quantity and cost information: 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: a. Determine the following variances for November. Note: Do not use negative signs with your answers. a. Total material price variance q b. Total material usage (quantity) variance q c. Labor rate variance $ d. Labor efficiency variance $ e. Variable overhead spending variance $ f. Variable overhead efficiency variance $ g. Fixed overhead spending variance $ h. Volume variance $ i. Budget variance $ 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
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