Variances and Journal Entries

$$54,000.$

Jacobs accounts for all inventories and cost of goods sold at standard cost and records each variance in a separate account. The following data relate to May when $17,700$ finished units were produced.

in production. Record these entries using standard costs and include the appropriate materials variances.

b$.$ Assuming employees worked $8,900$ direct labor hours at an average hourly rate of $$12\mathrm{.}20,$ prepare a journal entry to record actual costs, standard costs, and any labor variances.