Following information is available 1. Firm purchased 95,000 yard of material during June at cost of $109,250 2. Direct labor during June amounted…

Following information is available1.Firm purchased 95,000 yard of material during June at cost of $109,2502.Direct labor during June amounted $163,900 – employee were paid $14.90 per hour3.No work in process on June 1. During June, lots A43 and A44 completed. All material was issue for lot A45, which was 80% completed as to labor4.Standard costs for a box of six shirt as followa.Direct material…. 24 yards at $1.10…… $26.40b.Direct labor…. 3 hours at $14.70…… $44.10c.Manufacturing overhead…… 3 hours at $12.00 ….. $36.00d.Standard cost per box …………………………………………$ 106.505.During June, company worked on 3 orders for which month’s job cost records disclose during the following dateA43 lot…. 1,000 boxes in lot………. 24,100 material used……………. 2,980 hours workedA44 lot…. 1,700 boxes in lot………. 40,440 material used …………… 5,130 hours workedA45 lot….1,200 boxes in lot……….. 28,824 material used…………… 2,890 hours workedPLEASE ANSWER – REQUIRED1.Prepare scheduling computing the standard cost of lots A43, A44 AND A45 for June2.For each lot produced during June, prepare a schedule for followinga.Direct material price varianceb.Direct material quantity variancec.Direct labor efficiency varianced.Direct labor rate variance – indicate which is favorable or unfavorable3.Prepare Journal entries to record followinga.Purchase of materialb.Incurrence of direct labor costc.Addition of direct material and direct labor cost to work in process inventoryd.Recording of direct material and direct labor varience

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