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Please answer and fill in the blanks CORRECTLY. Direct Labor and Direct Materials Variances, Journal Entries Jameson Company produces paper towels. The company has established
Please answer and fill in the blanks CORRECTLY.
Direct Labor and Direct Materials Variances, Journal Entries Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: During the first quarter of the year, Jameson produced 55,000 cases of paper towels. The company purchased and used 165,700 pounds of paper pulp at $0.37 per pound. Actual direct labor used was 111,000 hours at $12.10 per hour. Required: Instructions for parts 1 and 2: If a variance is zero, enter "0" and select "Not applicable" from the drop down box. 1. Calculate the direct materials price and usage variances. 2 Calrilato tho dirort lahnr rato and offirionru varianroc 3. Prepare the journal entries for (1) the direct materials price variance, (2) the direct materials usage variance, and (3) the direct labor variances. If an amount box does not require an entry, leave it blank or enter " 0Step by Step Solution
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