(Solution) - Suzy Q Corporation has established the following standard cost p -(2025 Original AI-Free Solution)

Paper Details

Suzy-Q Corporation has established the following standard cost per unit:
Materials?5.5 lb@$2.20 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.10
Labor?1.8 hr@$6.25 per hr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.25
Although 10,000 units were budgeted, only 8,800 units were produced.
The purchasing department bought 55,000 pounds of materials at a cost of $123,750. Actual pounds of materials used were 54,305. Direct labor cost was $127,400 for 18,200 hours worked.
Required:
1. Make journal entries to record the materials transactions, assuming that the materials price variance was recorded at the time of purchase.
2. Make journal entries to record the labor variances.