$1$

$1.$ Prepare a schedule computing the standard cost of lots $22,23,$ and $24$ for November. $($Round "Standard Cost per Box" to $2$ decimal places.$)$

standard cost of production

For November

Lot Quantity $($boxes$)$ Standard Cost per Box Total Standard Cost

$221,100$ $$92\mathrm{.}10$ $$101,310\mathrm{.}00$

$231,800$ $$92\mathrm{.}10$ $$165,780\mathrm{.}00$

$241,300$ $$92\mathrm{.}10$ $$119,730\mathrm{.}00$

Standard cost of production

$2.$ For each lot produced during November, complete the following schedules:

a Direct$-$material purchase price variance.

b Direct$-$material quantity variance.

c Direct$-$labor efficiency variance.

d Direct$-$labor rate variance.

$2$a

For each lot produced in November, complete the following schedule for the direct$-$material purchase price variance. $($Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter $"0"$ for no effect $($i$.$e$.,$ zero variance$).)$

Direct$-$Material Purchase Price Variance

For November

Actual cost of materials purchased

Standard cost of materials purchased

Direct$-$material purchase price variance

Direct$-$Material Quantity Variances

For November

lot no

Standard yards: $222324$ Total

Boxes in lot $1,1001,8001,3004,200$

Standard yards per box

Total standard quantity

Actual yards used

Variance in yards

Standard price

Direct$-$material quantity variance

$2$c

direct labor efficiency variances

lot no $222324$ Total

stanadrd hours

boxes in lot $11018001300$

stanadard hours per box

total

percentage of completion

total standard hours

actual hours worked

variance in hours

standard rate

direct labor efficiency variances

$2$d

direct labor rate variances

lot no $222324$ Total

direct labor rate variance

actual hours worked

rate paid in excess of standard

variance

$7$ journal entries

a

Record the purchase of direct material on account and the direct$-$material purchase price variance.

b

Record the addition of direct$-$material cost to work$-$in$-$process inventory and the direct$-$material quantity variance.

c

Record the addition of direct$-$labor cost to work$-$in$-$process inventory and the direct$-$labor variances.