Sarheen, Incorporated maintains no Inventories and has collected the following data on one of its products

for the most recent period:

Required:

Determine:

The direct materlals usage $($quantity$)$ varlance.

The actual cost of the direct materials purchased and direct materlals used during the period. $($HInt:

these two amounts are identical.$).$

The direct materials price variance.

The correct summary journal entry to record direct materlal costs for this period's production, including

assoclated standard cost varlances. $($Note: assume that any price varlances are recorded at point of

production.$)$