The accountants for Polyglaze, Inc., have developed the following information regarding the standard cost and the actual cost of a product manufactured in June:

	Standard Cost			Actual Cost
Direct materials:
Standard: 10 ounces at $0.15 per ounce	$	1.50
Actual: 11 ounces at $0.16 per ounce				$	1.76
Direct labor:
Standard: 0.50 hours at $10.00 per hour		5.00
Actual: 0.45 hours at $10.40 per hour					4.68
Manufacturing overhead:
Standard: $5,000 fixed cost and $5,000 variable cost for 10,000 units normal monthly volume		1.00
Actual: $5,000 fixed cost and $4,600 variable cost for 8,000 units actually produced in June					1.20
Total unit cost	$	7.50		$	7.64

a-1

Compute the materials price variance and the materials quantity variance, indicating whether each is favorable or unfavorable. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)

Materials price variance	$	F, U or N?
Materials quantity variance	$	F, U or N?

a-2	Prepare the journal entry to record the cost of direct materials used during June in the Work in Process account (at standard). (Omit the "$" sign in your response.)

General Journal	Debit	Credit
Choose one from list: direct labor, materials inventory, manufacturing overhead, overhead volume variance, labor efficiency variance, labor rate variance, overhead spending variance, work in progress inventory>>>>>>>
Choose one from above list>>>>>
Choose one from above list>>>>>
Choose one from above list>>>>>>

b-1

Compute the labor rate variance and the labor efficiency variance, indicating whether each is favorable or unfavorable. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)

Labor rate variance	$	F, U or N?
Labor efficiency variance	$	F, U or N?

b-2	Prepare the journal entry to record the cost of direct labor used during June in the Work in Process account (at standard). (Omit the "$" sign in your response.)

General Journal	Debit	Credit
Choose one from list: direct labor, materials inventory, manufacturing overhead, overhead volume variance, labor efficiency variance, labor rate variance, overhead spending variance, work in progress inventory>>>>>>>
Choose one from above list>>>>>
Choose one from above list>>>>>
Choose one from above list>>>>>

c-1

Compute the overhead spending variance and the overhead volume variance, indicating whether each is favorable or unfavorable. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)

Overhead spending variance	$	F, U or N?
Overhead volume variance	$	F, U or N?

c-2	Prepare the journal entry to assign overhead cost to production in June. (Omit the "$" sign in your response.)

General Journal	Debit	Credit
Choose one from list: direct labor, materials inventory, manufacturing overhead, overhead volume variance, labor efficiency variance, labor rate variance, overhead spending variance, work in progress inventory>>>>>>>
Choose one from above list>>>>>
Choose one from above list>>>>>
Choose one from above list>>>>>