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Direct Materials, Direct Labor, and Overhead Variances, Journal Entries Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet: Direct materials (8 lbs. @ $1.25) $10.00 Direct labor (0.15 hr. @ $18.00) 2.70 Fixed overhead (0.20 hr. @ $3.00) 0.60 Variable overhead (0.20 hr: @ $1.70) 0.34 Standard cost per unit $13.64 Overhead rates are computed using practical volume, which is 49,000 units. The actual results for the year are as follows: a. Units produced: 53,000 b. Direct materials purchased: 408,000 pounds at $1.32 per pound c. Direct materials used: 406,800 pounds d. Direct labor: 10,500 hours at $17.95 per hour e. Fixed overhead: $36,570 f. Variable overhead: $18,000 Required: 1. Compute price and usage variances for direct materials. MPV 28,560 MUV $ 20,000 X 2. Compute the direct labor rate and labor efficiency variances. Labor Rate Variance 525 Labor Efficiency Variance 45,900 3. Compute the fixed overhead spending and volume variances. Spending Variance $ 7,170 Volume Variance $ 2,400 4. Compute the variable overhead spending and efficiency variances. Spending Variance 1,340 x Efficiency Variance 1,360 X 5. Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production (Work in Process) C. The addition of direct labor to Work in Process d. The addition of overhead to Work in Process e. The incurrence of actual overhead costs If an amount box does not require an entry, leave it blank. a. b. c. d. d. e. Feedback Check My Work 5. a. Material purchases are accounted for by debiting Materials and crediting Accounts Payable. Direct Materials Price Variance is debited or credited. b. Direct materials are applied to production by debiting Work in Process and crediting Materials. Direct Materials Usage Variance is debited or credited. c. Direct labor is applied to Work in Process by debiting that account and crediting Wages Payable. Direct Labor Efficiency Variance and Direct Labor Rate Variance are debited or credited. d. OH is applied to production by debiting Work in Process and crediting the variable and fixed OH Control accounts. e. The actual OH is accumulated on the debit side of the OH control accounts. f. Prepare journal entries for the closing out of variances to Cost of Goods Sold. Post amounts from highest to lowest. If an amount box does not require an entry, leave it blank. First, close direct materials and direct labor variances: Feedback Check My Work 5. f. The variances are closed to Cost of Goods Sold. Then FOH and VOH are recognized. Last, the Control variances are closed to COGS. Second, recognize the overhead variances: Second, recognize the overhead variances: Post amounts from highest to lowest. If an amount box does not require an entry, leave blank. Feedback Check My Work Incorrect Third, close the overhead variances: Post amounts from highest to lowest. If an amount box does not require an entry, leave it blank. Direct Materials, Direct Labor, and Overhead Variances, Journal Entries Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet: Direct materials (8 lbs. @ $1.25) $10.00 Direct labor (0.15 hr. @ $18.00) 2.70 Fixed overhead (0.20 hr. @ $3.00) 0.60 Variable overhead (0.20 hr: @ $1.70) 0.34 Standard cost per unit $13.64 Overhead rates are computed using practical volume, which is 49,000 units. The actual results for the year are as follows: a. Units produced: 53,000 b. Direct materials purchased: 408,000 pounds at $1.32 per pound c. Direct materials used: 406,800 pounds d. Direct labor: 10,500 hours at $17.95 per hour e. Fixed overhead: $36,570 f. Variable overhead: $18,000 Required: 1. Compute price and usage variances for direct materials. MPV 28,560 MUV $ 20,000 X 2. Compute the direct labor rate and labor efficiency variances. Labor Rate Variance 525 Labor Efficiency Variance 45,900 3. Compute the fixed overhead spending and volume variances. Spending Variance $ 7,170 Volume Variance $ 2,400 4. Compute the variable overhead spending and efficiency variances. Spending Variance 1,340 x Efficiency Variance 1,360 X 5. Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production (Work in Process) C. The addition of direct labor to Work in Process d. The addition of overhead to Work in Process e. The incurrence of actual overhead costs If an amount box does not require an entry, leave it blank. a. b. c. d. d. e. Feedback Check My Work 5. a. Material purchases are accounted for by debiting Materials and crediting Accounts Payable. Direct Materials Price Variance is debited or credited. b. Direct materials are applied to production by debiting Work in Process and crediting Materials. Direct Materials Usage Variance is debited or credited. c. Direct labor is applied to Work in Process by debiting that account and crediting Wages Payable. Direct Labor Efficiency Variance and Direct Labor Rate Variance are debited or credited. d. OH is applied to production by debiting Work in Process and crediting the variable and fixed OH Control accounts. e. The actual OH is accumulated on the debit side of the OH control accounts. f. Prepare journal entries for the closing out of variances to Cost of Goods Sold. Post amounts from highest to lowest. If an amount box does not require an entry, leave it blank. First, close direct materials and direct labor variances: Feedback Check My Work 5. f. The variances are closed to Cost of Goods Sold. Then FOH and VOH are recognized. Last, the Control variances are closed to COGS. Second, recognize the overhead variances: Second, recognize the overhead variances: Post amounts from highest to lowest. If an amount box does not require an entry, leave blank. Feedback Check My Work Incorrect Third, close the overhead variances: Post amounts from highest to lowest. If an amount box does not require an entry, leave it blank