Trueform Products, Inc., produces a broad line of sports equipment and uses a standard cost system for control purposes. Last year the company produced 4,700 varsity footballs. The standard costs associated with this football, along with the actual costs incurred last year, are given below (per football):

Standard CostActual CostDirect materials:Standard: 4 feet at $3.40 per foot$13.60 Actual: 4.4 feet at $3.30 per foot$14.52Direct labor:Standard: 1.80 hours at $4.20 per hour7.56 Actual: 1.60 hours at $4.90 per hour7.84 Variable manufacturing overhead:Standard: 1.80 hours at $1.60 per hour2.88 Actual: 1.60 hours at $2.30 per hour3.68 Total cost per football $24.04 $26.04 The president was elated when he saw that actual costs exceeded standard costs by only $2.00 per football. He stated, "I was afraid that our unit cost might get out of hand when we gave out those raises last year in order to stimulate output. But it's obvious our costs are well under control."

There was no inventory of materials on hand to start the year. During the year, 20,680 feet of materials were purchased and used in production. Requirement 1:For direct materials: (a) Compute the price and quantity variances for the year.(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Omit the "$" sign in your response.)

Price variance$(Click to select)FUNoneQuantity variance$(Click to select)FNoneU (b) Prepare journal entries to record all activity relating to direct materials for the year.(Omit the "$" sign in your response.)

General JournalDebitCredit(Click to select)Raw materialsAccounts payableWork in processMaterials quantity varianceMaterials price variance(Click to select)Raw materialsWork in processMaterials price varianceMaterials quantity varianceAccounts payable(Click to select)Raw materialsMaterials price varianceMaterials quantity varianceWork in processAccounts payable(Click to select)Accounts payableWork in processMaterials quantity varianceMaterials price varianceRaw materials(Click to select)Materials price varianceWork in processAccounts payableMaterials quantity varianceRaw materials(Click to select)Materials quantity varianceRaw materialsAccounts payableWork in processMaterials price varianceRequirement 2:For direct labor: (a) Compute the rate and efficiency variances.(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Omit the "$" sign in your response.)

Rate variance$(Click to select)NoneUFEfficiency variance$(Click to select)NoneUF(b) Prepare journal entries to record the incurrence of direct labor cost for the period.(Omit the "$" sign in your response.)

General JournalDebitCredit(Click to select)Work in processLabor efficiency varianceLabor rate varianceAccounts payableWages payable(Click to select)Accounts payableLabor rate varianceWages payableWork in processLabor efficiency variance(Click to select)Accounts payableLabor rate varianceLabor efficiency varianceWork in processWages payable(Click to select)Work in processWages payableLabor efficiency varianceLabor rate varianceAccounts payableRequirement 3: Compute the variable overhead rate and efficiency variances.(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Omit the "$" sign in your response.)

Variable overhead rate variance$(Click to select)NoneFUVariable overhead efficiency variances$(Click to select)UFNone