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Basic Variance Analysis, Revision of Standards, Journai Entries Petrillo Company produces engine parts for large motors. The concuny uses a szandard cest system for production costing and control, The standard cost shoet for one of ins higher volume products (a valve) is as follows: During the yeac, fetrillo had the following activity related to valve production: a. Production of valves totaled 20,600 units. b. A total of 135,400 pounds of direct materials was purchased at 1535 per pound. c. There were 10,000 pounds of direct materials in beginning itvettory (camied at 55,40 per pound). There was no ending inventory. d. The company used 36,500 direct labor hours at a total cost of 1656,270 . e. Actual fixed overhesd totaied 5111,000 . 4. Actual variable overhead totaled 5171,000 , Petrilio produces all of its valves in a single plant. Normal activity is 20,000 unts per year, Standard overthead rates are computed based on normal activity measured in standard direct labor hours. Required: 1. Compute the direct materiais price and usage variances. 2. Compute the direct labor fate and efficiency variances. 3. Compute overhead variances using a fwo-wariance analyss. 4. Compote overhead variances using a four-variance analyis. 5. Assume that the purchasing agent for the valve plant purchased a sowes-puality direct material from a new supplier. Would you recommend that the company continue to use this cheaper direct muterial? 3 more Check My Work iaes remaning: 6. Prepare all possible journal entries (assuming a four-variance analysis of overhead variances). For compound entries, if an amount box Ch. 9 (Part 1) Homework Assignment d. Cose muterials trage and labor variances to CaS e. Close price variance to CGS f. Record actual variable overhead 9. Record actual fwed overhead b. Apply variable overthead 1. Apply fixed overhesd J. Record overtheod variances k. Close spencing and efficiency variances to 005 L. Close volume variance to CGS Check My Work 3 more Check My Work used romaining. Previous