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Question 2: Standard Cost System Mama Africa Company manufactured Ipads which are reported on a Job sheet. The data for Job no 68 which involve the production of 200 units of Ipad The total standard and actual costs for materials and direct labor on this job are shown below: Standard Actual Direct materials Standard: 380 pounds @ $6.00 per pound. $2,280 Actual: 400 pounds @ 56.25 $2,500 Direct labor Standard: 160 hours @ $21 per hour Actual: 150 hours $19 per hour. 3.360 2.850 Mama Africa Company allocates variable overhead to production at a rate of $30 unit manufactured. The Company's monthly fixed overhead cost average at $65,000. An average of 203 units of Ipad is considered normal. During the month of June, Mama Africa Company produced 200 units of Ipad and incurred actual overhead costs of $73,000.00. In June Mama Africa Company sold 150 units of the Ipad at unit price of $400.00 Question: Calculate 1. Materials price variance 2. Materials quantity variance 3. Labor rate variance 4. Labor efficieney variance S. Total overhead applied to production in June amounted 6 Total overhead budgeted in June for the 200 unit manufactured amounted 7. Overhead spending variance 8 Overhead volume variance 9. Prepare the joumal entry to account for the favorable and/or unfavorable for the Material using standard cost. 10. Prepare the journal entry to account for the favorable and/or unfavorable for labor using standard cost Prepare the journal entry to account for the favorable and/or unfavorable for the Overhead applied using standard cost 12 Prepare the joumal entry to dispose of any over applied and or under applied overhead directly to cost of goods sold Prepare the joumal entry to account for the transfer the IPAD completed to finishing goods using actual cost 1 Prepare the journal entry to account for sales using actual cost