51-301-01 Cost Accounting Chapter 7 Assignment A Fall Carson Corporation has a standard cost system. For one of its products, the company has the following standard cost sheet: 3 lbs @ $12.20 each 5 hours @ $7.50 $36.60 37.50 Direct materials Direct labor MOH: Variable Fixed Total cost per unit $3.50 per DMLH $1.50 per DMLH 17.50 7.50 $99.10 During the current month, 504 units were completed, which was 5% more than planned. The accounting records show the following actual costs and other production data for the month: Direct materials purchased: 1700 pounds @ $12.15 Direct materials used: 1.550 pounds Direct labor payroll: 2.450 hours @ $7.55 (1) Calculate all possible variances for direct materials: prepare the necessary journal entries. (2) Calculate all possible variances for direct labor; prepare the necessary journal entries. 51-301-01 Cost Accounting Chapter 7 Assignment A Fall Carson Corporation has a standard cost system. For one of its products, the company has the following standard cost sheet: 3 lbs @ $12.20 each 5 hours @ $7.50 $36.60 37.50 Direct materials Direct labor MOH: Variable Fixed Total cost per unit $3.50 per DMLH $1.50 per DMLH 17.50 7.50 $99.10 During the current month, 504 units were completed, which was 5% more than planned. The accounting records show the following actual costs and other production data for the month: Direct materials purchased: 1700 pounds @ $12.15 Direct materials used: 1.550 pounds Direct labor payroll: 2.450 hours @ $7.55 (1) Calculate all possible variances for direct materials: prepare the necessary journal entries. (2) Calculate all possible variances for direct labor; prepare the necessary journal entries