Perry Products Inc. which makes school desks, uses a standard cost system and provides the following data concerning its operations during the last month (October):

Description

Units or $

Units of output

750 units

Standard quantity of materials per desk

16 sq. m.

Standard price per sq. m. materials

$20.00/sq. m.

Actual purchase cost of materials

$259,120

Actual quantity of materials purchased

12,640 sq. m.

Actual quantity of materials used in production.

11,850 sq. m.

Std. hrs allowed per unit for labour

3 hrs. per desk

Std. wage rate

$30.00

Actual wage rate

$31.00

Actual direct labour hours used

2,325 hrs.

Required:

1. Prepare fully labeled variance diagramsfor Direct Materials and Direct Labour including the specific dollar amounts for all variances.
2. Prepare journal entries only for materials and labour.

Please provide answer to question 1 in a format similar to below

Direct Materials Costs incurred: Actual inputs x actual Actual inputs x standard Standard inputs allowed for actual outputs x rates(AQ x AR) Rate Variance rates(AQ X SR) Efficiency Variance standard rates(FGXSQXSR)