Problem 4 (40%) Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor....

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Problem 4 (40%) Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2018 GII estimated the following standard costs for one of their major products, the heavy-duty plastic container. Direct materials Direct labor Budgeted quantity Budgeted price 0.30 pounds 0.20 hours $20 per pound $12 per hour During July, GII produced and sold 3,000 containers using 870 pounds of direct materials at an average cost per pound of $19 and 540 direct manufacturing labor hours at an average wage of $13 per hour. Required: a. Compute the direct materials price and efficiency variances for the month. b. Prepare the journal entries for direct material. c. Compute the direct manufacturing labor price and efficiency variances for the month d. Prepare the journal entries for direct labor. ints Problem 4 (40%) Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2018 GII estimated the following standard costs for one of their major products, the heavy-duty plastic container. Direct materials Direct labor Budgeted quantity Budgeted price 0.30 pounds 0.20 hours $20 per pound $12 per hour During July, GII produced and sold 3,000 containers using 870 pounds of direct materials at an average cost per pound of $19 and 540 direct manufacturing labor hours at an average wage of $13 per hour. Required: a. Compute the direct materials price and efficiency variances for the month. b. Prepare the journal entries for direct material. c. Compute the direct manufacturing labor price and efficiency variances for the month d. Prepare the journal entries for direct labor. ints

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