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. Direct materials (7 pounds at $2.40 per pound) Direct labor (2 hours at $12.00 per hour) $16.80 $24.00 During the month of April, the company manufactures 340 units and incurs the following actual costs. Direct materials purchased and used (2,420 pounds) Direct labor (710 hours) $6,292 $8,378 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.)

Explanation / Answer

DR CR Raw Material Inventory 2420*2.4 5808 Material Price Variance 484 Account Payable 6292 Work in Progress 340*7*2.4 5712 Material Quantity Variance 96 Raw Material Inventory 2420*2.4 5808 Factory labor 8520 Labor Price Variance 142 Factory Wages Payable 8378 Work in Progress 340*2*12 8160 Labor Quantity Variance 360 Factory labor 8520

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