SI sells to wholesalers at a price of $500. SI uses standard costing and has determined the following standard costs for a budgeted production level of 2,100 units:

Direct materials 2.5 kgs @ $45 per kg

Direct Labour 3 hours @ $30 per DLH

Variable MOH 3 hours @ $19 per DLH

Fixed MOH 3 hours @ $23.5 per DLH

In the most recent month, a total of 1,800 units were produced and sold.

Additional information:

1. SI purchased 5,100 kgs of direct materials during the month at a total cost of $227,460. It had 150 kgs on hand at the beginning of the month, and it ended the month with 300 kgs.
2. During the month, SI incurred 5,250 direct labour hours at a total cost of $168,000.
3. The total manufacturing overhead during the month was $250,000, of which variable manufacturing overhead consisted of $105,000.

Required:

a) Calculate the following variances and note them in the blanks.

Materials price variance was $, (State F for favourable, U for unfavourable)

Materials quantity variance was $, (State F for favourable, U for unfavourable)

b) Calculate the following variances and note them in the blanks.

Fixed overhead budget variance was $, (State F for favourable, U for unfavourable)

Fixed overhead volume variance was $, (State F for favourable, U for unfavourable)

Prepare the journal entry(entries) necessary to record the variances calculated.