Managerial Accounting: E22-19 Haslett Inc., which produces a single product

Managerial Accounting

E22-19
Haslett Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (8 pounds at $2.50 per pound) 20
Direct labor (3 hours at $12.00 per hour) 36

During the month of April, the company manufactures 230 units and incurs the following actual costs.
Direct materials purchased and used (1,900 pounds) 4,940
Direct labor (700 hours) 8,120

Journalize the entries to record the materials and labor variances. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
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