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Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet:

Direct materials $(5$ lbs$.$ @ $$2\mathrm{.}60)$$$13\mathrm{.}00$

Direct labor $(0\mathrm{.}75$ hr$.$ @ $$18\mathrm{.}00)13\mathrm{.}50$

Fixed overhead $(0\mathrm{.}75$ hr$.$ @ $$4\mathrm{.}00)3\mathrm{.}00$

Variable overhead $(0\mathrm{.}75$ hr$.$ @ $$3\mathrm{.}00)2\mathrm{.}25$

$$Standard cost per unit$$31\mathrm{.}75$

Overhead rates are computed using practical volume, which is $54,000$ units. The actual results for the year are as follows:

Units produced: $53,000$

Direct materials purchased: $265,000$ pounds @ $$2\mathrm{.}50$ per pound

Direct materials used: $270,300$ pounds

Direct labor: $40,100$ hours at $$17\mathrm{.}95$ per hour

Fixed overhead: $$161,800$

Variable overhead: $$122,000$

Required:

Question Content Area

$1.$ Compute price and usage variances for direct materials.

Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet:

Overhead rates are computed using practical volume, which is $54,000$ units. The actual results for the year are as follows:

a$.$ Units produced: $53,000$

b$.$ Direct materials purchased: $265,000$ pounds @ $ $2\mathrm{.}50$ per pound

c$.$ Direct materials used: $270,300$ pounds

d$.$ Direct labor: $40,100$ hours at $$17\mathrm{.}95$ per hour

e$.$ Fixed overhead: $$161,800$

f$.$ Variable overhead: $$122,000$

Required:

Compute price and usage variances for direct materials.

Compute the direct labor rate and labor efficiency variances.

Labor Rate Variance :

Labor Efficiency Variance $

Compute the fixed overhead spending and volume variances.

Compute the variable overhead spending and efficiency variances.

Prepare journal entries for the following:

a$.$ The purchase of direct materials

b$.$ The issuance of direct materials to production $($Work in Process$)$

c$.$ The addition of direct labor to Work in Process

d$.$ The addition of overhead to Work in Process

e$.$ The incurrence of actual overhead costs

If an amount box does not require an entry, leave it blank.

a$.$

b$.$

c$.$

d$.$

e$.$

f$.$ Prepare journal entries for the closing out of variances to Cost of Goods Sold. If an amount box does not require an

entry, leave it blank.

First, close direct materials and direct labor variances:

Second, recognize the overhead variances:

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Third, close the overhead variances:

Note: Close the variances with a debit balance first.