The Standards for Product J42 Call for 3

Essay

The standards for product J42 call for 3.6 feet of a raw material that costs $14.00 per feet.Last month,5,500 feet of the raw material were purchased for $76,175.The actual output of the month was 1,260 units of product J42.A total of 4,800 feet of the raw material were used to produce this output.
Required:
a.What is the materials price variance for the month?
b.What is the materials quantity variance for the month?
c.Prepare journal entries to record the purchase and use of the raw material during the month.(All raw materials are purchased on account. )