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ABC Inc. produces car stereos. During the year ABC expected to produce 9,000 stereos. Materials and labor standards for producing these units are as follows:
Direct materials (1 electronic component kit @ $200) 200
Direct materials (2 plastic casing @ $50) 100
Direct labor (8 hours @ $20) 160 Required:
A. Compute the total budget variances for materials and labor assuming that actual number of electronic kits purchased and used were 8,700 at a price of $210 and actual plastic casings purchased were 18,800 at a price of $48. Actual labor was 69,200 hours at $21.00 per hour.
B. Prepare the journal entries for the use of raw materials and the use of direct labor using standard costing.
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