evine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $3.00 per pound) Direct labor (4 hours at $14.00 per hour) $18.00 $56.00 During the month of April, the company manufactures 280 units and incurs the following actual costs. Direct materials purchased and used (1.710 pounds) Direct labor (1,140 hours) $5,301 $15.618
evine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $3.00 per pound) Direct labor (4 hours at $14.00 per hour) $18.00 $56.00 During the month of April, the company manufactures 280 units and incurs the following actual costs. Direct materials purchased and used (1.710 pounds) Direct labor (1,140 hours) $5,301 $15.618
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (6 pounds at $3.00 per pound)
Direct labor (4 hours at $14.00 per hour)
$18.00
$56.00
During the month of April, the company manufactures 280 units and incurs the following actual costs.
Direct materials purchased and used (1.710 pounds)
Direct labor (1,140 hours)
$5,301
$15,618
Journalize the entries to record the materials and labor variances. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Transcribed Image Text:Account Titles and Explanation
(To record materials price variance)
(To record materials quantity variance)
Show Transcribed Text
I
(To record materials quantity variance)
(To record labor price variance)
I
(To record labor quantity variance)
S
Ĉ
Debit
Credit
SU
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