Exercise 23-22

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (6pounds at $1.70per pound)$10.20Direct labor (5hours at $14.00per hour)$70.00

During the month of April, the company manufactures250units and incurs the following actual costs.

Direct materials purchased and used (1,530pounds)$2,754Direct labor (1,260hours)$17,514

Journalize the entries to record the materials and labor variances.