EXERCISE $11-13.($Appendix$)$ Calculating Material Variances and Recording Material Costs

$[$LO $1]$ The Quality Cabinet Company uses a standard costing system and produced $2,000$

cabinets during May. The standard cost of wood is $$22$ per linear foot, and the standard quantity

for each cabinet is $27$ linear feet. During May, the company purchased $57,000$ linear feet of wood

for $$1,140,000,$ and $55,000$ feet were used in production. Determine the material price variance

and the material quantity variance, and record the related journal entries for May.