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summary of Glendale Company's manufacturing P23-2A. Variances, Entries, and Income Statement A variance report for May 2016 follows: Total Standard Costs (9,200 units) $38,640 193,200 23,460 Total Actual Costs (9,200 units) Varian $ 42,630 193,120 23,230 ces $3,990 U 80 F 230 F Fixed overhead. 9,660 9,660 $264,960 $268,640 $3,680 U Standard material cost per unit of product is 0.5 pounds at $8.40 per pound, and standard direct labor cost is 1.5 hours at $14.00 per hour. The total actual materials cost represents 4,900 pounds purchased at $8.70 per pound. Total actual labor cost represents 14,200 hours at $13.60 per hour. Ac cording to standards, variable overhead rate is applied at $1.70 per direct labor hour (based on a normal capacity of 15,000 direct labor hours or 10,000 units of product). Assume that all fixed overhead is applied to work in progress inventory Required late variances for materials price and efficiency, labor rate and efficiency, and variable b. Prepare general journal entries to record standard costs, actual costs, and related variances for c. Prepare journal entries to record the transfer of all completed units to Finished Goods Inventory overhead spending and efficiency material, labor, and overhead. and the subsequent sale of 8,400 units on account at $54 each (assume no beginning finished goods inventory). Prepare a partial income statement (through gross profit on sales) showing gross profit based on standard costs, the incorporation of variances, and gross profit based on actual costs. d

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