Burbank Manufacturing Corporation uses standard costing in accounting for manufacturing costs. Variances are allocated to the cost of goods sold and ending inventories. The following information was extracted from the corporation's books for March:

The following inventories were on hand on march 31:

The work in process inventory was fully complete as to materials and 1/3 complete as to direct labor and factory overhead. During January, 3,300 units were sold.
Required:
Allocate the variances. Round distribution percentages to the nearest whole percent and allocations to the nearest cent.

Transcribed Image Text:

Debit Credit 150 Materials purchase price variance.... Materials quantity variance Labor rate variance.. Labor efficiency variance Controllable variance 500 600 1,200 1,500 1,800 The following inventories were on hand on March 31: Finished goods.. Work in process.. Raw materials.... 1,200 units ...1,500 units none Finished goods. Work in process. Raw materials 1,200 units 1,500 units none