Question
DM & DL variances; journal entries Madzingas Draperies manufactures curtains. Curtain #4571 requires the following: Direct material standard 10 square yards at $5 per yard
DM & DL variances; journal entries Madzingas Draperies manufactures curtains. Curtain #4571 requires the following:
Direct material standard | 10 | square yards at $5 per yard |
Direct labor standard | 5 | hours at $10 per hour |
During the second quarter, the company purchased 40,800 square yards at a cost of $199,920 and used 39,600 square yards to produce 3,600 Curtain #4571s. Direct labor totaled 18,240 hours for $191,520. a. Compute the material price and usage variances.
Material price variance | Answer
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Material quantity variance | Answer
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b. Prepare the journal entries for the purchase and use of direct material.
c. Compute labor rate and labor efficiency variances.
d. Prepare the journal entry to accrue direct labor cost and record the labor variances for the quarter.
(help with a-d please!)
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