Compute Materials, labor, and overhead variances: price variance, quantity usage variance, labor rate variance, labor efficiency variance, overhead budget variance, overhead volume variance, prepare journal entries for the purchase of materials, prepare journal entries for the issuance of materials to production, prepare a journal entry to record labor rate and and labor efficiency variances.

This question is particularly confusing for me, especially the journal entires setion (7-8). If you could show exactly what layout i need to do, i would appreciate it!

This is for a review im doing, if you could show your work I would appreciate it. Im going to be using this to check against the work im doing, and I want to know how to fix something if i get it wrong. If you could make it easy to determine what answer goes where i woudl appreciate it. Thank you!

Question 8: Compute materials, labor, and overhead variances Based on a standard volume of 100,000 units per month, the standard cost of the product manufactured by Tahoe Company consists of: Direct materials (0.30 pounds x S6 per pound) 1.80 Direct labor (0.5 hours x S7.50 per hour 3.75 Variable manufacturing overhead per unit 2.50 1.50 Fixed manufacturing overhead (S150,000 in total) 9.55 A total of 26,000 pounds of materials was purchased at $6.75 per pound. During May, 102,000 units were produced with the following costs s 161,250 Direct materials used (25,000 pounds x S6.45 per pound) Direct labor (50,000 hours x S7.80 per hour) 390.000 Variable manufacturing overhead 250.000 Fixed manufacturing overhead 145.000 Required: (circle For U to indicate whether the variance is favorable or unfavorable) (1) Compute the materials price variance For U For (2) Compute the materials quantity usage variance: For U (3) Compute the labor rate variance: (4) Compute the labor efficiency variance (5) Compute the overhead budget variance: For U (6) Compute the overhead volume variance: For U