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journal entry B is asking for quantity instead of price Hallburton Milis inc. is a large producer of men's and women's clothing. The company uses

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image text in transcribed journal entry B is asking for quantity instead of price
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Hallburton Milis inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its proctucts. The standard costs and actual costs for a tecent period are given below for one of the company's product lines (per unit of product: During this period, the company produced 7.000 units of product. A comporison 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, 22.400 metres of materias was purchased and used in production. The denominator level of activity for the period was 12.740 houar. 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 (i.e., zero variance).) Journal entry worksheet Note: Enter aedits berore crearts. 2. For direct labour: a. Compute the rate and efficiency variances, (indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Journal entry worksheet Record the incurrence of direct labour cost for the period. Note: Enter debits before credits. 3. Compute the variable manufacturing overhead spending and efficiency variances. (indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) 4. Compute the fixed overhead budget and volume variances, (Indicate the effect of variance by selecting " F " for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) 5. On seeing the $2,240 total cost variance, the company's president stated, "it's obvious that our costs are well under control." Do you agree? Yes No

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