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University Of Texas Operations And Supply Chain Management Assignment Help - Acct 561

Question - E22-19

Haslett Inc., which produces a single product, has prepared the following standard cost sheet for one
unit of the product.
Direct materials (8 pounds at $2.50 per pound) $20
Direct labor (3 hours at $12.00 per hour) $36

During the month of April, the company manufactures 230 units and incurs the following actual costs.

Direct materials purchased and used (1,900 pounds) $4,940
Direct labor (700 hours) $8,120

Journalize the entries to record the materials and labor variances. (List multiple debit/credit entries
from largest to smallest amount, e.g. 10, 5, 2.)

Account/Description Debit Credit

(To record materials price variance)

(To record materials quantity variance)

(To record labor price varia ...Read More

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