DM & DL variancesDM & DL variances

Green Tee produces $100$ percent cotton t$-$shirts, with the following standard direct material and labor quantities and costs:

Actual September production and costs for the company to produce $26,000$ t$-$shirts were as follows:

a$.$ What is the standard quantity of material and the standard labor time for September's production?

b$.$ Compute the direct material and direct labor variances.

Note: Round your answers to the nearest whole dollar.

c$.$ Record the year$-$end adjusting entry to close the material and labor variances, assuming that they are insignificant.

Note: Record any multiple debits or any multiple credits in alphabetical order by account name.

Green Tee produces $100$ percent cotton t$-$shirts, with the following standard direct material and labor quantities and costs:

Direct material $2\mathrm{.}0$ yards $\backslash$times $$3\mathrm{.}00$

Direct labor $0\mathrm{.}7$ hour x $$7\mathrm{.}50$

Actual September production and costs for the company to produce $26,000$ t$-$shirts were as follows:

Quantity Cost

Direct material

Purchased $78,000$ yards $$233,220$

Requisitioned into production $52,312$ yards

Direct labor $20,644$ hours $$152,766$

a$.$ What is the standard quantity of material and the standard labor time for September$$s production?

Standard quantity of material $52,000$ yards

Standard quantity of labor $18,200$ DLHs

b$.$ Compute the direct material and direct labor variances.

Note: Round your answers to the nearest whole dollar.

Material price variance Answer

$0$

Answer

Material quantity variance Answer

$0$

Answer

Labor rate variance Answer

$0$

Answer

Labor efficiency variance Answer

$0$

Answer

c$.$ Record the year$-$end adjusting entry to close the material and labor variances, assuming that they are insignificant.

Note: Record any multiple debits or any multiple credits in alphabetical order by account name.

Account Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

To dispose of the material variances

Account Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

To dispose of the labor variances

Please answer all parts of the question.