Marciano Manufacturing uses a standard cost system. Standards for direct materials are as​ follows:   Direct materials​ (pounds per unit of​ output) 3 Cost per pound of direct materials $3   The company plans to produce 2,500 units and has purchased on account 15,000 pounds of direct materials at a net cost of $42,000. What is the journal entry to record this​ transaction?   A. Raw Materials Inventory 42,000        Direct Materials Cost Variance   3,000      Accounts Payable   39,000   B. Raw Materials Inventory 39,000   Direct Materials Cost Variance 3,000        Accounts Payable   42,000   C. Raw Materials Inventory 42,000   Direct Materials Cost Variance 3,000        Accounts Payable   45,000   D. Raw Materials Inventory 45,000        Direct Materials Cost Variance   3,000      Accounts Payable   42,000

Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $4 per pound) Direct labor (4 hours @ $14 per hour) $ 56 56 During May the company incurred the following actual costs to produce 8,600 units. Direct materials (123,200 pounds @ $3.80 per pound) Direct labor (38,700 hours @ $14.10 per hour) AR Actual Rate SR Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price AH = Actual Hours SH Standard Hours $ 468,160 545,670 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost Standard Cost < Prev 8 of 8 Next

R Ltd. produces a product with the following costs as of July 1, 20XX: Material Labour Overhead $5 per unit 7 per unit 5 per unit Assuming R sold 26,000 units during the last six months of the year at $22 each, beginning inventory at these costs on July 1 was 8,000 units. From July 1 to December 31, 20XY, R produced 20,000 units. These units had a material cost of $6 per unit. The costs for labour and overhead were the same. a. If R uses FIFO inventory accounting, what would be the gross profit for the period? Gross profit b. If R uses FIFO inventory accounting, What is the value of ending inventory? Ending inventory

Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 3.00 per lb. $8.20 per hour $ 2.80 per lb. 1,040,000 lbs. 21,000 1,295,000 lbs. 17,000 1,070,000 lbs. $6,120 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October.