nez Company manufactures aluminum baseball bats that it sells to university athletic departments. It has developed...

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nez Company manufactures aluminum baseball bats that it sells to university athletic departments. It has developed the following per unit standard costs for 2022 for each baseball bat: Direct Materials Direct Labor Manufacturing Overhead Standard Quantity 2 Pounds (Aluminum) 1/2 hour 1/2 hour Standard Price $4.00 $10.00 $6.00 Unit Standard Cost $8.00 $5.00 $3.00 In 2022, the company planned to produce 121,800 baseball bats at a level of 60,900 hours of direct labor. Actual results for 2022 are presented below: 1. Direct materials purchases were 224,500 pounds of aluminum which cost $931,675. 2. Direct materials used were 224,500 pounds of aluminum. 3. Direct labor costs were $592,900 for 60,500 direct labor hours actually worked. 4. Total manufacturing overhead was $370,000. 5. Actual production was 116,700 baseball bats. Compute the following variances and identify whether each variance is favorable or unfavorable. 1. Direct Materials Price $ 2. Direct Materials Quantity 3. Direct Labor Price 4. Direct Labor Quantity 5. Total Overhead Variance EA 33675 Unfavorable 35600 Favorable 12500 Favorable 3500 Unfavorable 19900 Unfavorable Prepare the journal entries to record the transactions and events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Raw Materials Inventory 2. Materials Price Variance Accounts Payable (To record purchase of materials) Debit Credit 3. (To record issuance of direct materials) 4. (To record direct labor costs) 5. (To assign factory labor to jobs) 5. (To assign factory labor to jobs) 6. (To record overhead incurred) 7. (To assign overhead to jobs) (To record transfer of completed work to finished goods) nez Company manufactures aluminum baseball bats that it sells to university athletic departments. It has developed the following per unit standard costs for 2022 for each baseball bat: Direct Materials Direct Labor Manufacturing Overhead Standard Quantity 2 Pounds (Aluminum) 1/2 hour 1/2 hour Standard Price $4.00 $10.00 $6.00 Unit Standard Cost $8.00 $5.00 $3.00 In 2022, the company planned to produce 121,800 baseball bats at a level of 60,900 hours of direct labor. Actual results for 2022 are presented below: 1. Direct materials purchases were 224,500 pounds of aluminum which cost $931,675. 2. Direct materials used were 224,500 pounds of aluminum. 3. Direct labor costs were $592,900 for 60,500 direct labor hours actually worked. 4. Total manufacturing overhead was $370,000. 5. Actual production was 116,700 baseball bats. Compute the following variances and identify whether each variance is favorable or unfavorable. 1. Direct Materials Price $ 2. Direct Materials Quantity 3. Direct Labor Price 4. Direct Labor Quantity 5. Total Overhead Variance EA 33675 Unfavorable 35600 Favorable 12500 Favorable 3500 Unfavorable 19900 Unfavorable Prepare the journal entries to record the transactions and events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Raw Materials Inventory 2. Materials Price Variance Accounts Payable (To record purchase of materials) Debit Credit 3. (To record issuance of direct materials) 4. (To record direct labor costs) 5. (To assign factory labor to jobs) 5. (To assign factory labor to jobs) 6. (To record overhead incurred) 7. (To assign overhead to jobs) (To record transfer of completed work to finished goods)