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Sarheen, Incorporated maintains no Inventories and has collected the following data on one of its...

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Accounting

Sarheen, Incorporated maintains no Inventories and has collected the following data on one of its products
for the most recent period:
Required:
Determine:
The direct materlals usage (quantity) varlance.
The actual cost of the direct materials purchased and direct materlals used during the period. (HInt:
these two amounts are identical.).
The direct materials price variance.
The correct summary journal entry to record direct materlal costs for this period's production, including
assoclated standard cost varlances. (Note: assume that any price varlances are recorded at point of
production.)
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