E8-10 standard unit cost and journal entries

E8-11 making journal entries

I need help with E8-11, but I need E8-10 first. Any help will be great. Please provide the calculations too.

E8-10 Standard unit cost and journal entries The normal capacity of Algonquin Adhesives Inc. is 40,000 direct labor hours and 20,000 units per month. A finished unit requires 6 lb of materials at an estimated cost of $2 per pound. The esti- mated cost of labor is $10.00 per hour. The plant estimates that overhead (all variable) for a month will be $40,000. During the month of March, the plant totaled 34,800 direct labor hours at an average rate of $9.50 an hour. The plant pro- duced 18,000 units, using 105,000 lb of materials at a cost of $2.04 per pound. 1. Prepare a standard cost summary showing the standard unit cost. 2. Make journal entries to charge materials and labor to Work in Process E8-11 Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: Units produced during the month 21,000 Direct labor hours for the month 41,000 Materials purchased (in pounds) 130,000 Materials used in pounds). 125,000 Labor rate per hour $10.04 Materials cost per pound. $1.98 Make journal entries to charge materials (use the materials pur- chase price variance) and labor to Work in Process. (Remember to retrieve the standard costs from E8-10 before solving this exercise.)