DM variances; journal entries Skip Company produces a product called Lem. The standard direct material cost to produce one unit of Lem is four quarts of raw material at $2.50 per quart. During May, 4,200 quarts of raw material were purchased at a cost of $10,080. All the purchased material was used to produce 1,000 units of Lem. a. Compute the material price variance and material quantity variance for May. Note: Do not use a negative sign with your answers. Material price variance $ Material quantity variance $ 420 Favorable 0x Unfavorable b. Assume the same facts except that Skip Company purchased 6,000 quarts of material at the previously calculated cost per quart, but used only 4,200 quarts. Compute the material price variance and material quantity variance for May, assuming that Skip identifies variances at the earliest possible time. Note: Do not use a negative sign with your answers. Material price variance $ 0x Favorable 500 Unfavorable Material quantity variance $ c. Prepare the journal entries to record the material price and usage variances calculated in (b). Note: List any multiple debits or any multiple credits in alphabetical order by account name. Account Raw Material Inventory Accounts Payable Debit Credit 0 x 0✓ 0x Material Price Variance 0✓ To record material price variance Material Quantity Variance 500- Work in Process Inventory 10000✓ Raw Material Inventory 0✓ 10500 To record material quantity variance

DM variances; journal entriesSkip Company produces a product called Lem. The standard direct material cost to produce one unit of Lem is four quarts of raw material at $2.50 per quart. During May, 9,240 quarts of raw material were purchased at a cost of $22,176. All the purchased material was used to produce 2,200 units of Lem.a. Compute the material price variance and material quantity variance for May.Note: Do not use a negative sign with your answers. Material price variance Answer AnswerFavorableUnfavorableNeither favorable or unfavorable Material quantity variance Answer AnswerFavorableUnfavorableNeither favorable or unfavorable b. Assume the same facts except that Skip Company purchased 13,200 quarts of material at the previously calculated cost per quart, but used only 9,240 quarts. Compute the material price variance and material quantity variance for May, assuming that Skip identifies variances at the earliest possible time.Note: Do not use a negative sign with your…

Kingbird Company has determined that the standard cost to manufacture its product includes 2 units of direct materials at $6.00 per unit. During January, the company purchased 50,400 units of direct materials at a cost of $5.90 per unit and used 50,400 units of direct materials to produce 23,300 units of its product. Calculate the total materials variance, and the price and quantity variances. Materials Variance Materials Price Variance Materials Quantity Variance 69 $ 5040 Unfavourable Favourable Unfavourable

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost