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(Appendix used in Part b) Variable Cost Variances

Information on Canyon Chemical's direct materials costs follows:

Quantities of chemical Y purchased and used	28,800 gallons
Actual cost of chemical Y used	$640,000
Standard price per gallon of chemical Y	$22.50
Standard quantity of chemical Y allowed	26,400 gallons

Required

a.What were Canyon Chemical's direct materials price and efficiency variances?

b.(Appendix) Prepare the journal entries to record the purchase and use of chemical Y using standard costing.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91867305

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