Answer Happy

Comprehensive Piedmont Manufacturing produces metal products with the following standard quantity and cost information: Direct Material Aluminum Copper Direct labor 4 sheets @ $4 3 sheets @ SS 7 hours @ $16 Variable overhead S machine hours @ $6 Fixed overhead 5 machine hours @ $4 $16 24 112 30 20 Overhead rates were based on normal monthly capacity of 10,800 machine hours. During November, the company produced only 1530 units because of a labor strike, which occurred during union contract negotiations. After the dispute was settled, the company scheduled overtime to try to meet regular production levels. The following costs were incurred in November: Material Aluminum 7,200 sheets purchased @ $3.80 Used 6,300 sheets Copper 5,400 sheets purchased @ $8.40 Used 4,680 sheets Direct Labor Regular time 9.360 hours@ $16 (pre-contract settlement) Regular time 1620 hours @ $17 (post-contract settlement) Variable Overhead $41.940 (based on 7,515 machine hours) Fixed Overhead $33.930 (based on 7,515 machine hours) a. Determine the following variances for November.
a. Determine the following variances for November. Note: Do not use negative signs with your answers. a. Total material price variance $ b. Total material usage (quantity) variance F U Neither For U c. Labor rate variance $ d. Labor efficiency variance $ e. Variable overhead spending variance $ f. Variable overhead efficiency variance $ g. Fixed overhead spending variance $ h. Volume variance $ i. Budget variance $
b. Prepare the journal entries to record the standard costing information for November. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. Account To record aluminum price variance To record copper price variance To record aluminum quantity variance To record copper quantity variance To record labor variances F13 EI Debit Credit
To record copper price variance To record aluminum quantity variance To record copper quantity variance To record labor variances To record variable overhead variances To record fixed overhead variances AFHE HEEF EX B S BENE P E
To record copper price variance Accounts Payable Aluminum Material Inventory Aluminum Material Price Variance Aluminum Material Quantity Variance Copper Material Inventory Copper Material Price Variance Copper Material Quantity Variance Fixed OH Control Fixed OH Spending Variance Labor Efficiency Variance Labor Rate Variance Variable OH Control Variable OH Efficiency Variance Variable OH Spending Variance Volume Variance Wages Payable Work in Process Inventory To record variable overhead variances