Managerial Accounting: E11-14 Quality Cabinet Company uses a standard costing system

Managerial Accounting
E11-14 (Appendix) Calculating Materials Variances and Recording Material Costs
Quality Cabinet Company uses a standard costing system and produced 1,830 cabinets during May. The standard cost of wood is $22 per linear foot, and the standard quantity for each cabinet is 27 linear feet. During May, the company purchased 52,810 linear feet of wood for $1,056,200 and 50,510 feet were used in production. The company purchases all materials on account.

a. Determine the material price variance and the material quantity variance (Enter all variances as a positive number)
b. Record the related journal entries for May.
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