managerial accounting - standard costs, variance analysis and control

Hlburton Mals inc is a farge producer of men's and worrien's clothing. The company uses standard costs for all of its products: The standard costs and octual costs for a recent period are given below for one of the compony's product lines (per unit of product) During this period, the company produced 8.200 unis of product. A comparison of standard and actuar costs for the period on a sotal cost bais is also given above. used in production The denominator level of activity for the penod was 13,260 hours. Required: 1. For direct materiatis a. Compute vie pice and quantiny variances for the period. Undicate the effect of ench variance by selecting " F " for fovourabie, " U for untovoureble, and "None" for no effect (16, rero varianew)4 b. Prepare journal entries to record all activity relating to direct materials for the period. Journal entry worksheet Record the materials price variance. Note: Enter debits before credits. b. Prepare journal entries to record all activity relating to direct materials for the period. Journal entry worksheet e. Compute the rate and efficiency variances. (Indicate the effect of variance by selecting "F" for fovourable, "U" for unfovourable, and "None" for no effect (i.e., zero variance).) b. Prepare a joumal entry to record the incurrence of direct labour cost for the period. (List debit entries first). Journal entry worksheet Record the incurrence of direct labour cost for the period. Noter triter dehits betore crediti. 3. Compute the variable manufacturing overhead spending and efficiency variances. (indicate the effect of each variance by selecting "F" for fovourable, "U" for unfovourable, and "None" for no effect (i.e, zero variance).) 3. Compute the variable manufacturing overhead spending and efficiency varlances, (Indicate the effect of each varionce by selecting "F" for fovourable, "U" for unfovourable, and "None" for no effect (i.e,. zero variance).) 4. Compute the fixed overhead budget and volume variances, (Indicate the effect of varionce by selecting "F" for fovourable, "U" for unfovourable, and "None" for no effect (i.e., zero variance).)