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Taylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: a (Click the icon to View the cost data.) Read the @uirements. Requirement 1. Compute the price and quantity variances for direct ma erials. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials. x ( - ) = DM price variance x ( _ ) = Now determine the formula for the quantity variance and compute the quantity variance for direct materials. x( ) = DM quantity variance 2: ( - ) = Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor.) Determine the formula for the rate variance, then compute the rate variance for direct labor. Choose from any list or enter any number in the input elds and then continue to the next question. Taylor Cld i - X ol manuf i Data Table (Click Requirements Read the Direct materials (3.0 sq. ft x $4.00 per sq. ft) . . .. . . . . . . .. $ 12.00 Direct labor (2.0 hours x $9.40 per hour) 18.80 1. Compute the price and quantity variances for direct materials. . . . . . . . 2. Compute the rate and efficiency variances for direct labor. Manufacturing overhead: 3. Compute the rate and efficiency variances for variable overhead. Variable (2.0 hours x $0.65 per hour) . . . . . . $ 1.30 4. Compute the fixed overhead budget variance and the fixed overhead volume 4.40 5.70 variance. Fixed (2.0 hours x $2.20 per hour) 5 . Company management intentionally purchased superior materials for Total standard cost per jacket $ 36.50 Journalize November production. How did this decision affect the other cost variances? Overall, was the decision wise? Explain. prepari Fixed overhead in total was budgeted to be $63,360 for each month. 6. Journalize the usage of direct materials and the assignment of direct labor, Actual data for November of the current year include the following: Date including the related variances. edit a. Actual production was 13,600 jackets. b. Actual direct materials used was 2.70 square feet per jacket at an actual cost of Print Done $4.15 per square foot. (Assume the direct materials purchased is the same as the direct materials used.) c. Actual direct labor usage of 24,480 hours for a total cost of $235,008. d. Actual fixed overhead cost was $55,748, while actual variable overhead cost was $19,584.Taylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements. Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor.) Determine the formula for the rate variance, then compute the rate variance for direct labor. = DL rate variance Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. = DL efficiency variance Requirement 3. Compute the rate and efficiency variances for variable overhead. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance.Taylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements. Requirement 3. Compute the rate and efficiency variances for variable overhead. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance. Variable overhead = rate variance Determine the formula for the efficiency variance, then compute the variable overhead efficiency variance. Variable overhead = efficiency variance Requirement 4. Compute the fixed overhead budget variance and the fixed overhead volume variance. (Enter the variances as positive numbers. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: MOH = Manufacturing overhead)Taylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements. Requirement 4. Compute the fixed overhead budget variance and the fixed overhead volume variance. (Enter the variances as positive numbers. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: MOH = Manufacturing overhead) Determine the formula for the fixed overhead budget variance, then compute the budget variance for fixed overhead. Fixed MOH budget variance Determine the formula for the fixed overhead volume variance, then compute the volume variance for fixed overhead. Fixed MOH = volume variance Requirement 5. Company management intentionally purchased superior materials for November production. How did this decision affect the other cost variances? Overall, was the decision wise? Explain.Taylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements. Requirement 5. Company management intentionally purchased superior materials for November production. How did this decision affect the other cost variances? Overall, was the decision wise? Explain. The favorable variances more than offset the unfavorable variances. If the superior materials purchased for the November production decreased materials and labor usage, then management's decision was Requirement 6. Journalize the usage of direct materials and the assignment of direct labor, including the related variances. (Record debits first, then credits. Exclude explanations from any journal entries.) First, journalize the purchase of direct materials, including the related variance. Journal Entry Accounts Debit CreditTaylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements. Requirement 6. Journalize the usage of direct materials and the assignment of direct labor, including the related variances. (Record debits first, then credits. Exclude explanations from any journal entries.) First, journalize the purchase of direct materials, including the related variance. Journal Entry Accounts Debit Credit Journalize the usage of direct materials, including the related variance. Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question.Taylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements. Journalize the usage of direct materials, including the related variance. Journal Entry Accounts Debit Credit Journalize the direct labor costs, including the related variances. (Record both direct labor variances by preparing a single compound entry.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question.Taylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: a (Click the icon to view the cost data.) Read the requirements. Journalize the direct labor costs, including the related variances. (Record both direct labor variances by preparing a single compound entry.) Journal Entry Date Accounts Debit Credit