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Basic Variance Analysis, Revision of Standards, Journal Entries Petrillo Company produces engine parts for large motors. The company uses a standard cost system for production costing and control. The standard cost sheet for one of its higher volume products (a valve) is as follows: During the year, Petrillo had the following activity related to valve production: a. Production of valves totaled 20,600 units. b. A total of 135,500 pounds of direct materials was purchased at $5.36 per pound. c. There were 10,000 pounds of direct materials in beginning inventory (carried at $5.40 per pound). There was no ending inventory. d. The company used 36,500 direct labor hours at a total cost of $656,270. e. Actual fixed overhead totaled $111,000. f. Actual variable overhead totaled $171,000. Petrillo produces all of its valves in a single plant. Normal activity is 20,000 units per year. Standard overhead rates are computed based on normal activity measured in standard direct labor hours. 1. Compute the direct materials price and usage variances. MPV $ MUV $ 2. Compute the direct labor rate and efficiency variances. Labor Rate Variance $ Labor Efficiency Variance $ 3. Compute overhead variances using a two-variance analysis. Budget Variance $ Volume Variance $ 4. Combute overhead variances usina a four-variance analvsis. 6. Prepare all possible journal entries (assuming a four-variance analysis of overhead variances). For compound entries, if an amount box does not require an entry, leave it blank. d. Close materials usage and labor variances to CGS Cost of Goods Sold Direct Labor Rate Variance Direct Materials Usage Variance Direct Labor Efficiency Variance e. Close price variance to CGS Direct Materials Price Variance Cost of Goods Sold f. Record actual variable overhead Variable Overhead Control Miscellaneous Accounts g. Record actual fixed overhead Fixed Overhead Control Various Accounts h. Apply variable overhead Work in Process Variable Overhead Control i. Apply fixed overhead Work in Process Fixed Overhead Control j. Record overhead variances Variable Overhead Spending Variance Variable Overhead Efficiency Variance Fixed Overhead Spending Variance Fixed Overhead Volume Variance Fixed Overhead Control Variable Overhead Control k. Close spending and efficiency variances to CGS Cost of Goods Sold Variable Overhead Efficiency Variance Fixed Overhead Spending Variance Variable Overhead Spending Variance I. Close volume variance to CGS Fixed Overhead Volume Variance Cost of Goods Sold