Triscuit-Biscuit Corp. makes small plastic dog toys with the following material and labor standards:

During October, 60,000 pounds of material were acquired on account at $ 3.08 per pound. During October, 24,800 pounds of that were used in production during the month to make 100,000 toys. Factory payroll for October showed 5,320 direct labor hours at a total cost of $ 46,816.
a. Compute material and labor variances, basing the material price variance on the quantity of material purchased.
b. Assuming a perpetual inventory system is used prepare the relevant general journal entries forOctober.

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Standard Quantity 0.25 pound Standard Cost Material Labor $3.00 per pound 9.00 per hour 3 minutes