Week 10 Review Problems 8 Problem 10-46 Direct-Material Variances; Journal Entries (Appendix) (LO 10-1, 10-3, 10-9) Rocky Mountain Camping Equipment, Inc. has established the following direct-material standards for its two products. points Standard Quantity 22 yards Standard Price Standard camping tent Deluxe backpacking tent 10.00 Per eBook yard 17 yards $ 7.80 Per yard References During March, the company purchased 4,600 yards of tent fabric for its standard model at a cost of $48,760. The actual March production of the standard tent was 160 tents, and 3,600 yards of fabric were used. Also during March, the company purchased 1,600 yards of the same tent fabric for its deluxe backpacking tent at a cost of $11,840. The firm used 4,080 yards of the fabric during March in the production of 240 deluxe tents. Required 1 Compute the direct-material purchase price variance and quantity variance for March 2. Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March Complete this question by entering your answers in the tabs below. Required Required 1 Compute the direct-material purchase price variance and quantity variance for March. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) Show less Direct-material purchase rice variance Direct-material quantity variance Required 1 Required 2 Mc Graw Hill Week 10 Review Problems 8 Problem 10-46 Direct-Material Variances; Journal Entries (Appendix) (LO 10-1, 10-3, 10-9) Rocky Mountain Camping Equipment, Inc. has established the following direct-material standards for its two products. points Standard Quantity 22 yards Standard Price Standard camping tent Deluxe backpacking tent 10.00 Per eBook yard 17 yards $ 7.80 Per yard References During March, the company purchased 4,600 yards of tent fabric for its standard model at a cost of $48,760. The actual March production of the standard tent was 160 tents, and 3,600 yards of fabric were used. Also during March, the company purchased 1,600 yards of the same tent fabric for its deluxe backpacking tent at a cost of $11,840. The firm used 4,080 yards of the fabric during March in the production of 240 deluxe tents. Required 1 Compute the direct-material purchase price variance and quantity variance for March 2. Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March Complete this question by entering your answers in the tabs below. Required Required 1 Compute the direct-material purchase price variance and quantity variance for March. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) Show less Direct-material purchase rice variance Direct-material quantity variance Required 1 Required 2 Mc Graw Hill