Question #1 VMOH \& FMOH are both allocated using direct labor hours. a) Calculate the following variances: Direct materials price variance Direct materials efficiency variance Direct manufacturing labor rate variance Direct manufacturing labor efficiency variance VMOH spending variance VMOH efficiency variance FMOH spending variance FMOH production-volume variance Question #1 The following information nertains to the James Cornoration: viviUn \& riviun are botn allocated using alrect abor nours. b) Prepare the following journal entries: Purchase of direct materials Usage of direct materials Paying of wages for direct manufacturing labor Incurrence of VMOH&FMOH Application of VMOH \& FMOH to production Closing out VMOH and FMOH accounts Closing out variances to COGS Question #1 VMOH \& FMOH are both allocated using direct labor hours. a) Calculate the following variances: Direct materials price variance Direct materials efficiency variance Direct manufacturing labor rate variance Direct manufacturing labor efficiency variance VMOH spending variance VMOH efficiency variance FMOH spending variance FMOH production-volume variance Question #1 The following information nertains to the James Cornoration: viviUn \& riviun are botn allocated using alrect abor nours. b) Prepare the following journal entries: Purchase of direct materials Usage of direct materials Paying of wages for direct manufacturing labor Incurrence of VMOH&FMOH Application of VMOH \& FMOH to production Closing out VMOH and FMOH accounts Closing out variances to COGS