Question - Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (6 pounds at 1.50 per pound) - $9.00
Direct labor (1 hours at $12.00 per hour) - $12.00
During the month of April, the company manufactures 150 units and incurs the following actual costs.
Direct materials purchased and used (930 pounds) - $1,488
Direct labor (160 hours) - $1,904
Journalize the entries to record the materials and labor variances.