I need the journal entries for Quesiton #3 & #4 PLS ASAP Standard Costs,...
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I need the journal entries for Quesiton #3 & #4 PLS ASAP
Standard Costs, Decomposition of Budget Variances, Direct Materials and Direct Labor EZ Tees Corporation produces T-shirts. The company uses a standard costing system and has set the following standards for direct materials and direct labor (for one shirt): $4.20 Fabric (1.5 yds. $2.80) Direct labor (1.1 hr. @ $20) 22.00 Total prime cost $26.20 ending inventories of fabric. Actual direct labor was 10,900 hours at During the year, EZ Tees produced 9,800 T-shirts. The actual fabric purchased was 14,600 yards at $2.72 per yard. There were no beginning $19.50 per hour Required: 1. Compute the costs of fabric and direct labor that should have been incurred for the production of 9,800 T-shirts, Direct materials 41,160 Direct labor 215,600 2. Compute the total budget variances for direct materials and direct labor. Direct materials 1,448 Favorable Direct labor 3,050 Favorable 3. Break down the total budget variance for direct materials into a price variance and a usage variance. Materials Price Variance 1,168 Favorable Materials Usage Variance 280 Favorable Prepare the journal entries associated with these variances. If an amount box does not require an entry, leave it blank. Price Variance Usage Variance Feedback Check My Work 4. Break down the total budget variance for direct labor into a rate variance and an efficiency variance. Labor Rate Variance 5,450 Favorable Labor Efficiency Variance $ 2,400 Unfavorable 4. Break down the total budget variance for direct labor into a rate variance and an efficiency variance. Labor Rate Variance $ 5,450 Favorable Labor Efficiency Variance 2,400 Unfavorable Feedback Check My Work Prepare the journal entries associated with these variances. If an amount box does not require an entry, leave it blank
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