Standard Cost in Process Costing; All Variances and Journal Entries Dash Company adopted a...

Standard Cost in Process Costing; All Variances and Journal Entries Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (i.e., direct materials and direct labor) of its single product are:

All materials are added at the beginning of processing. The following data were taken from the company’s records for November:

Required

1. Compute for November (show calculations):

a. The labor efficiency variance.

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b. The labor rate variance.

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c. The actual number of kilograms of material used in the production process during the month.

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d. The actual price paid per kilogram of material during the month.

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e. The amount of direct material cost and direct labor cost transferred to the Finished Goods account.

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f. The total amount of direct material and direct labor cost in the Work-in-Process Inventory account at the end of the month.

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2. Prepare journal entries to record all transactions, including the variances in requirement 1.

(CMA Adapted)