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The Lahn Company produces and sells a single product. Standards have been established for the product as follows:

Direct materials: 5 pounds @ $3.50 per pound = $17.50

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Direct labor: 3 hours @ $5.50 per hour = $16.50

Actual cost and usage figures for the past month follow:

Units Produced 750

Direct Materials Used 4,000

Direct Materials Purchased(4500 lbs) $14,400 lbs

Direct Labor Cost(2,000 hrs) $11,200

Prepare journal entries to record:

A)The purchase of raw materials.

(Click to select)Materials quantity varianceMaterials price varianceAccounts receivableAccounts payableRaw materials inventoryLabor rate varianceLabor efficiency varianceWork in process
(Click to select)Materials price varianceLabor efficiency varianceLabor rate varianceAccounts receivableRaw materials inventoryWork in processAccounts payable
(Click to select)Raw materials inventoryAccounts payableWork in processAccounts receivableMaterials price varianceLabor efficiency varianceLabor rate variance

b.

The usage of raw materials in production.

(Click to select)Accounts payableLabor efficiency varianceMaterials quantity varianceLabor rate varianceMaterials price varianceAccounts receivableWork in process
(Click to select)Labor efficiency varianceMaterials price varianceWork in processAccounts receivableAccounts payableLabor rate varianceMaterials quantity variance
(Click to select)Accounts receivableAccounts payableMaterials price varianceLabor rate varianceWork in processMaterials quantity varianceRaw materials inventoryLabor efficiency variance

c. The incurrence of direct labor cost.

(Click to select)Accounts receivableLabor rate varianceLabor efficiency varianceMaterials price varianceWork in processRaw materials inventoryAccounts payable
(Click to select)Raw materials inventoryLabor rate varianceAccounts payableLabor efficiency varianceWork in processAccounts receivableMaterials price variance
(Click to select)Materials price varianceLabor rate varianceMaterials quantity varianceAccounts payableAccounts receivableAccrued wages payableLabor efficiency variance
(Click to select)Materials quantity varianceLabor rate varianceAccrued wages payableAccounts payableMaterials price varianceLabor efficiency varianceAccounts receivable
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