Direct Materlals Variances: Journal Entries

On May $2,$ Chypre produced a batch of $1,000$ gallons with the following actual results:

Chypre, Inc., purchased the amount used of each direct material input on May $2$ for the following actual prices: solvent mix for $$5\mathrm{.}20$ per gallon, and aromatic compound for $$8,010$ per gallon.

Required:

Compute the direct materials price variances. If required, round your answers to the nearest cent.

Solvent mix:

MPV :

Aromatic compounds:

MPV :

Journalize the direct materials price varlances. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

Compute the direct materlals usage varlance. In your computations, round the standard quantities to two decimal places. Round your final answer to the nearest cent. $

Solvent mix:

Aromatic compounds:

J

I

$.$

I

Combined:

I