Q16Q6

Exercise 16-44 (Algo) (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5, 7) Rankin Fabrication reports the following information with respect to its direct materials: Rankin Fabrication holds no materials inventories. Required: a. Compute the direct material price and efficiency variances. b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing Complete this question by entering your answers in the tabs below. Compute the direct material price and efficiency variances. Note: Indicate the effect of each variance by selecting " F " for favorable, or "U" for unfavorable. If there is no effect, do not select either option. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Journal entry worksheet Record the purchase and use of the direct materiais using standard costing. Note: Enter debits before credits