Summit has the following information regarding costs for one of its products for 2021:

Category// Standard Amount// Standard Price/Rate// Direct materials// 1.5 pounds// $5 per pounds// Direct labor// 1.25 hours// $18 per hours// Variable overhead// 1.25 hours// $7 per hours//

The company produced 31,000 units in 2020 and purchased 70,000 pounds of direct materials at a cost of $388,500. Actual results were:

Category// Amount// Total// Actual per unit// Total units produced// 31,000// Direct materials used// 63,000// $ 352,800// $ 5.60// Direct labor// 46,000// $ 759,000// $ 16.50// Variable overhead// 46,000// $ 225,000// $ 4.89//

1. Calculate the variances as identified below and SHOW YOUR WORK. In addition, prepare the adjucting journal entry.

Direct Materials Price Variance?

Direct Materials Quantity Variance?

Direct Labor Rate Variance?

Direct Labor Efficiency Variance?

Variable Overhead Spending Variance?

Variable Overhead Efficiency Variance?

Adjucting Journal Entry?