DM & DL variances; journal entries Triscuit-Biscuit Corp. makes small plastic dog toys with the following material and labor standards: Material..... Labor Standard Quantity 0.25 pound 3 minutes Standard Cost $3.00 per pound 9.00 per hour During October, 60,000 pounds of material were acquired on account at $3.08 per pound. During October, 24,800 pounds of that were used in production during the month to make 100,000 toys. Factory payroll for October showed 5,320 direct labor hours at a total cost of $46,816. a. Compute material and labor variances, basing the material price variance on the quantity of material purchased. b. Assuming a perpetual inventory system is used, prepare the relevant general journal entries for October.

DM \& DL variances; journal entries Triscuit-Biscuit Corp. makes small plastic dog toys with the following material and labor standards: During October, 60,000 pounds of material were acquired on account at $3.08 per pound. During October, 24,800 pounds of that were used in production during the month to make 100,000 toys. Factory payroll for October showed 5,320 direct labor hours at a total cost of $46,816. a. Compute material and labor variances, basing the material price variance on the quantity of material purchased. b. Assuming a perpetual inventory system is used, prepare the relevant general journal entries for October