Variances, Entries, and income Statement A summary of Glendale Company's manufacturing variance report for May 2016 follows Total Standard Costs (9.200 units) Actual Costs (9,200 units) Variances Direct 3500 549.950 $4.460 U Direct labo 213.000 213.000 000 Variable 44160 2380 320 Padova WEGO 9.650 5313260 316.450 220 Standard material cost per unit of product is 0.5 pounds at $9.90 per pound, and standard direct labor cost is 15 hours at $15.50 per hour. The total actual materials cost represents 4.900 pounds purchased at $10 20 per pound, Total actual labor cost represents 14200 hours at $15.0 per hour. According to standards, variable overhead rate is applied at $3.20 per direct labor hour (based on a normal capacity of 15,000 direct labor hours or 10,000 units of product), Assume that all fixed overhead is applied to work in progress inventory a. Determine the following vatances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable, Material Variances Actual 1 0 0 Marie + 0 Materacy 0 Tinh b. Prepare general journal entries to record standard costs, actual costs, and related variances for materiallabor and overhead General Journal Description Debit Credit . 0 0 13 . To record the purches of direct materiale Work in proces inventory O O O : O 0 To record the use of materials Work in process inventory 0 0 Laborate variante 0 0 To record dettabor costs and related constances Worces inventory O 0 0 = fruit overhead To applywanie over de workers and recorded cost . . To apply the overhead to work in pre c. Prepare journal entries to record the transfer of all completed units to Finished Goods Inventory and the subsequent sale of 8. 400 units on account at 554 cach (assume no beginning finished goods inventory General Journal Description Debit Credit 0 0 0 To record completion of units 0 . 0 D To records white 0 . 0 0 To record cose chunkts. d. Prepare a partial income statement through gross profit on sales) showing gross profit based on standard costs, the incorporation of variances and gross profit based on actul costs Do not use negative signs with any of your answers below Glendale Company Partial income Statement For the Month Ended May 31,2016 Cost of standard Grouprotstarost Iva incas Den d. Prepare a partial income statement through gross profit on tales) showing gross profit based on standard costs. the incorporation of variances, and gross profit based actual costs Do not use negative signs with any of your answers below Glendale Company Partial income Statement For the Month Ended May 31, 2016 0 Con coods and cott Condado Mama 0 O rotact Please answer all parts of the question 1 O
