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E8-1 Standard unit cost; variance analysis; journal entries 1,000 units were started and finished. Case 1: All prices and quantities for the cost elements are standard, except for materials cost, which is $8.75 per pound. Case 2: All prices and quantities for the cost elements are standard, except that 2,150 lb. of materials were used. E8-2 Standard unit cost; variance analysis; journal entries 1,000 units were started and finished. Case 1: All prices and quantities are standard, except for the labor rate, which is $9.60 per hour. Case 2: All prices and quantities are standard, except for labor hours, which totaled

CoursHeroTranscribedText: TAREA 6.1 - E8-1 AND E8-2 In all of the exercises involving variances, use "F" and "U" to designate favorable and unfavorable variances, respectively. E8-1 through E8-5 use the following data: The standard operating capacity of Tecate Manufacturing Co. is 1,000 units. A detailed study of the manufacturing data relating to the standard production cost of one product revealed the following: P'PPN.' Two pounds of materials are needed to produce one unit. Standard unit cost of materials is $8 per pound. it takes one hour of labor to produce one unit. Standard labor rate is $10 per hour. Standard overhead (all variable} for this volume is $4,000. Each case in E81 through E85 requires the following: b. c. Set up a standard cost summary showing the standard unit cost. Analyze the variances for materials and labor. Make journal entries to record the transfer to Work in Process of: 1. Materials costs 2. Labor costs 3. Overhead costs (When making these entries, include the variances.) Prepare the journal entry to record the transfer of costs to the nished goods account

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