The following standard costs per unit, of one product, have been taken from the reconds of Bar Co Direct materials 5 kgs at $3 per kg Direct labor 2.5 hours at $10 per hour Actual data for last month: Units produced: 12,000 Direct materials used: 35,000 kgs Direct labor hours: 22,000 Direct labor rate per hour: 59 Direct material price: $4 per kg Direct materials purchased: 100,000 kgs Required: (a) Compute the price and efficiency variances for direct materials and direct labor. Direct material price variance to be calculated at the time of purchase out marks) (b) Prepare the journal entries to record the price and efficiency variances for direct materials and direct labor For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) 2. LX00Q V Arial 10pt BIUS Paragraph hp THERE
