The Dexon Company makes and sells a single product called a Mip and employs a standard costing system. The following standards have been established for one unit of Mip:

Standard Quantity

or HoursStandard Cost

per Mip

Direct materials6 board feet$9.00

Direct labor0.8 hours$9.60

There were no inventories of any kind on August 1. During August, the following events occurred:

Purchased 15,000 board feet at the total cost of $24,000.

Used 12,000 board feet to produce 2,100 Mips.

Used 1,700 hours of direct labor time at a total cost of $20,060.

53.To record the purchase of direct materials, the general ledger would include what entry to the Materials Price Variance Account?

a. $1,500 credit

b. $1,500 debit

c. $6,000 credit

d. $6,000 debit

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54.

To record the use of direct materials in production, the general ledger would include what entry to the Materials Quantity Variance account?

a. $3,600 debit

b. $3,600 credit.

c. $900 debit

d. $900 credit

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55.

To record the incurrence of direct labor cost and its use in production, the general ledger would include what entry to the Labor Rate Variance account?

a. $240 credit

b. $240 debit

c. $340 debit

d. $340 credit

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56.

To record the incurrence of direct labor costs and its use in production, the general ledger would include what entry to the Labor Efficiency Variance account?

a. $480 credit

b. $240 debit

c. $1,200 debit

d. $1,200 credit