Exercise 23-22 Levine Inc., which produces a single product, has prepared the fo

Question

Exercise 23-22 Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Please just fill in the blanks and make answers clear!!!! Thank You.

$10.20 $70.00 Direct materials (6 pounds at $1.70 per pound) Direct labor (5 hours at $14.00 per hour) During the month of April, the company manufactures 250 units and incurs the following actual costs. Direct materials purchased and used (1,530 pounds) $2,754 Direct labor (1,260 hours) 17,514 Journalize the entries to record the materials and labor variances. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 125.) Account Titles and Explanation Raw Materials Inventory Debit Credit Materials Price Variance Accounts Payable (To record materials price variance) Work in Process Inventory Materials Quantity Variance Raw Materials Inventory

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Raw material inventory (1530*1.7) 2601 Material price variance 153 Account payable 2754 (To record material price variance) Work in process inventory (250*10.20) 2550 Material quantity variance 51 Raw material inventory (1530*1.7) 2601 (To record material quantity variance) Factory labour (1260*14) 17640 Labour price variance 126 Factory wages payable 17514 (To record labour price variance) Work in process inventory (250*70) 17500 Labour quantity variance 140 Factory labour (1260*14) 17640 (To record labour quantity variance)

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