(Solved by Humans)-Zawatsky Products produces instructional aids. Among the company’s products are whiteboards,...

Question

Zawatsky Products produces instructional aids. Among the company’s products are whiteboards, which use colored markers instead of chalk. They are particularly pop- ular for conference rooms in educational institutions and executive offices of large corporations. The standard costs of materials and labor for this product follow: Direct materials               11 lbs. @ $7.95 Direct labor                     4 hrs. @ $9.40 During the first month of the year, 20,100 boards were produced. Information con- cerning actual costs and usage of materials and labor follows: Materials purchased                        222,500 lbs. @ $8.05 Materials used                                            220,400 lbs. Direct labor                  79,900 hrs.; total cost: $759,050   Required 1.    Compute the materials price and usage variances. 2.    Compute the labor rate and efficiency variances. 3.    Prepare journal entries for all activity relating to materials and labor for the month.