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Haliburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs

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Haliburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of product): Standard Actual Cost cont Direct materials Standard: 3.0 metres at $3.70 per metre $11.10 Actual: 3.4 metres at $3.45 per metre $11.73 Direct laboutt Standard 1.7 hours at $3.50 per hour 5.95 Actualt 1.4 hours at $3.55 per hour Variable manufacturing overhead: Standard 1.7 hours at $1.50 per hour Actual 1.4 hours at $1.05 per hour 2.59 Fixed manufacturing overbeads standard 1.7 hours at $3.10 per hour 5.27 Actual 1.4 hours at 53.15 per hour 4.41 Total cost per unit $24.87 524.12 5.39 2.55 Actual costat 6,000 units at $24.12 Standard cont 6,000 units at $24.07 Dierence in cost-favourable $144,720 149,220 54,500 During this period, the company produced 6,000 units of product A comparison of standard and actual costs for the period on a total cost basis is also given above There was no inventory of materials on hand to start the period. During the period 20,400 metres of materials was purchased and used in production. The denominator level of activity for the period wds 8,540 hours Required: 1. For direct materials: a. Compute the price and quantity variances for the period. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (.e., zero variance).) Price variance Quantity variance b. Prepare journal entries to record all activity relating to direct materials for the period View transaction let View transaction list Journal entry worksheet Record the materials price variance. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general Journal View transaction list Journal entry worksheet >

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