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I will resubmit. Please show your work so I know how you arrive at the answers The accountants for Polyglaze, Inc., have developed the following
I will resubmit. Please show your work so I know how you arrive at the answers
The accountants for Polyglaze, Inc., have developed the following information regarding the standard cost and the actual cost of a product manufactured in June: Standard Cost Direct materials: Standard: 10 ounces at $0.15 per ounce Actual: 11 ounces at $0.16 per ounce Direct labor: Standard: 0.50 hours at $10.00 per hour Actual: 0.45 hours at $10.40 per hour Manufacturi ng overhead: Standard: $5,000 fixed cost and $5,000 variable cost for 10,000 units normal monthly volume Actual: $5,000 fixed cost and $4,600 variable cost for 8,000 units actually produced in June Total unit cost $ Actual Cost 1.50 $ 1.76 5.00 4.68 1.00 1.20 $ 7.50 $ 7.64 a-1 Compute the materials price variance and the materials quantity variance, indicating whether each is favorable or unfavorable. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.) Materials price variance Materials quantity variance $ $ a-2 Prepare the journal entry to record the cost of direct materials used during June in the Work in Process account (at standard). (Omit the "$" sign in your response.) General Journal Debit Credit b-1 Compute the labor rate variance and the labor efficiency variance, indicating whether each is favorable or unfavorable. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.) Labor rate variance Labor efficiency variance $ $ b-2 Prepare the journal entry to record the cost of direct labor used during June in the Work in Process account (at standard). (Omit the "$" sign in your response.) General Journal Debit Credit c-1 Compute the overhead spending variance and the overhead volume variance, indicating whether each is favorable or unfavorable. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.) Overhead spending variance Overhead volume variance $ $ c-2 Prepare the journal entry to assign overhead cost to production in June. (Omit the "$" sign in your response.) General Journal Debit CreditStep by Step Solution
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