STANDARD COST SYSTEMS

Maple Company's flexible budget, based upon the number of equivalent units produced, called for the use of 5,000 square yards of fabric at a standard cost of $2.45 per square yard. The Production Department actually used 5,200 square yards costing $2.35 per square yard during June.

* Show calculations

1)Compute the amount of favorable/unfavorable materials price variance for Maple Company for June.

2)Compute the amount of favorable/unfavorable materials quantity variance for Maple Company for June.

3)Write the journal entries to record the cost of direct materials used in June.

4)With respect to materials costs, for what should the supervisor of the Production Department be held responsible?