1) Jason Manufacturing has developed the following cost standards for its product. Direct Costs Standard Quantity Standa

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1) Jason Manufacturing has developed the following cost
standards for its product.
Direct Costs
Standard Quantity
Standard Input Cost per Unit
Direct Materials
6 pounds per unit
$9 per pound
Direct Labor
2. 5 hours per unit
$18 per hour
Indirect Costs
Cost per Input Unit
Variable Overhead
$6 per Direct Labor Hour
The following information relates to the month of May.
Direct Materials purchased and used
$8.50 per pound
148,000 pounds
Direct Labor
$20 per hour
61,000 hours
Actual Variable Overhead
$362,000
Actual Units Produced
24,000 units
Create a spreadsheet to calculate the following variances. Be
sure to show the calculations. The check figures are included in
parenthesis.
2) Create a spreadsheet that includes the entries for the
following transactions.
Record the purchase of materials and
the associated price variance.
Account
Debit
Credit
Raw Materials
1,332,000
Cash
Record the use of materials and the
associated quantity variance.
Account
Debit
Credit
Work in Process
Raw
Materials
1,332,000
Record the use and payment of direct
labor costs and the associated rate and efficiency variances.
Account
Debit
Credit
Work in Process
Cash
1,220,000