Please help me with this one. CoursHeroTranscribedText: Perry Products Inc. which makes school desks, uses...
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CoursHeroTranscribedText: Perry Products Inc. which makes school desks, uses a standard cost system and provides the following data concerning its operations during the last month (October): Description Units or $ Units of output 750 units Standard quantity of materials per desk 16 sq. m Standard price per sq. m. materials $20.00/sq. m. Actual purchase cost of materials $259, 120 Actual quantity of materials purchased 12,640 sq. m. Actual quantity of materials used in 11,850 sq. m. production. Std. hrs allowed per unit for labour 3 hrs. per desk Std. wage rate $30.00 Actual wage rate $31.00 Actual direct labour hours used 2,325 hrs. REQUIRED: 1. Prepare fully labeled variance diagrams for Direct Materials and Direct Labour including the specific dollar amounts for all variances. (11 marks) 2. Prepare Journal Entries relating to the variances in part 1. (9 marks)
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