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Vista Company installed astandard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 17,000 units of raw materials on account at a cost of $2.90 per unit. Standard cost was $2.50 per unit. 2. Issued 17,000 units of raw materials for jobs that required 16,750 standard units of raw materials. 3. Incurred 16,000 actual hours of direct labor at an actual rate of $4.70 per hour. The standard rate is $5.10 per hour. (Credit Factory Wages Payable.) 4. Performed 16,000 hours of direct labor on jobs when standard hours were 16,160 . 5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. Journalize the January transactions. (Credit occount tities are automatically indented when amount is entered. Do not indent manually) Journalize the Jamuary transactions. (Credit occount titles are outomatically indented when omount is entered. Do not indent munually) No. Account Titles and Explanation Debit Credit 1. 2 3. 4. Question 4 of 5 2. 3. 4. 5. eTextbook and Media Lewis Company's standard labor cost of producing one unit of Product DD is 3.30 hours at the rate of $12.40 per hour. During August, 43,900 hours of labor are incurred at a cost of $12.60 per hour to produce 13,100 units of Product DD. (a) Compute the total Labor variance. Total labor variance (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance (c) (c) Compute the labor price and quantity variances, assuming the standard is 3.70 hours of direct labor at $12.70 per hour. Labor price variance Labor quantity variance Vista Company installed astandard cost system on January 1. Selected transactions for the month of January are as follows. 1. Purchased 17,000 units of raw materials on account at a cost of $2.90 per unit. Standard cost was $2.50 per unit. 2. Issued 17,000 units of raw materials for jobs that required 16,750 standard units of raw materials. 3. Incurred 16,000 actual hours of direct labor at an actual rate of $4.70 per hour. The standard rate is $5.10 per hour. (Credit Factory Wages Payable.) 4. Performed 16,000 hours of direct labor on jobs when standard hours were 16,160 . 5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. Journalize the January transactions. (Credit occount tities are automatically indented when amount is entered. Do not indent manually) Journalize the Jamuary transactions. (Credit occount titles are outomatically indented when omount is entered. Do not indent munually) No. Account Titles and Explanation Debit Credit 1. 2 3. 4. Question 4 of 5 2. 3. 4. 5. eTextbook and Media Lewis Company's standard labor cost of producing one unit of Product DD is 3.30 hours at the rate of $12.40 per hour. During August, 43,900 hours of labor are incurred at a cost of $12.60 per hour to produce 13,100 units of Product DD. (a) Compute the total Labor variance. Total labor variance (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance (c) (c) Compute the labor price and quantity variances, assuming the standard is 3.70 hours of direct labor at $12.70 per hour. Labor price variance Labor quantity variance