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Sheffield Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials $(6$ pounds at $$3\mathrm{.}00$ per pound$)$ $$18\mathrm{.}00$

Direct labor $(6$ hours at $$14\mathrm{.}00$ per hour$)$ $$84\mathrm{.}00$

During the month of April, the company manufactures $150$ units and incurs the following actual costs.

Direct materials purchased and used $(930$ pounds$)$ $$2,976$

Direct labor $(930$ hours$)$

$$12,834$

Journalize the entries to record the materials and labor variances. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

Raw Materials Inventory

Accounts Payable

Materials Price Variance

$($To record materials price variance$)$