It was the and of the third quarter for Slysong Industries. There had bean some discussion in prior quartars about best practices

ralated to carrying anding irwentory of its ksy DM$,$ acstic acid, for making vinazar. Per establishad standards, $6\mathrm{.}4$ ounces of acetic acid

at a budgeted price of $$0\mathrm{.}20$ per ounce were nesded for each gallon of vinegar $(128$ ounces$).$ The new production manager wants to

follow lean practices and buy only what is needed for production, while the former production manaper preferred to kaep $20$ a

inventory on hand for amergencies. For the third quarter, $254,600$ ounces of acetic acid were purchased on account and used to make

$38,000$ gallons of vinezar. The purchase price was $$43,282.$

$($a$1)$

Your answer is correct.

Determine the DM price and efficiency variances for the third quarter based on the information above.

DM pricevariance $

Frverabls

DM efficiency variance $

Unfevorable

eTextbook and Medla

List of Accounts

Attempts: $3$ of $4$ used

$($a$2)$

Your answer is correct.

Record the journal entries for the purchase and use of DM under standard costing. $($Credit account titles are automatically indented

when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $O$ for the

amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record purchase of DM$]$

$[$To record use of DM$]$

eTextbook and Medla

Llst of Accounts

A$.$sslstance Used

Attempts $2$ of $4$ used

$($b$)$

Continuing with the details in part $[$a$],$ assume there was a zero balance in the DM Imventory account to start the third quarter.

What would the DM Inwentory balance be at the end of the cuarter? How much did Skysong Industries pay per ounce for the

acatic acid? $($Round amount per ounce to $2$ decimal places, eg$.15\mathrm{.}25.)$

DM inwentory balance $

Sloysong industries pay $

per ounce