Standard Products Company Recognizes Variances from Standards at the Earliest $\quad$

Standard Products Company recognizes variances from standards at the earliest opportunity,
and the quantity of direct materials purchased is equal to the quantity used.The following information is available for the most recent month.Assume the allocation base for fixed overhead costs is the number of units.
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Direct materials Direct Labor }$
$\begin{array}{lll}\text { Standard quantity } / \text { unit } & 6.00 \mathrm{lbs} . & 2.5 \mathrm{hrs} \\\text { Standard price } / \mathrm{lb} \text {. or } \mathrm{hr} . & \$ 8.10 / \mathrm{lb} . & \$ 8.00 / \mathrm{hr} \\\text { Actual quantity } / \text { unit } & 6.25 \mathrm{lbs} . & 2.8 \mathrm{hrs} \text {. } \\\text { Actual price } / 1 \mathrm{~b} \text {. or } \mathrm{hr} \text {. } & \$ 8.00 / 1 \mathrm{~b} \text {. } & \$ 7.50 / \mathrm{hr} \\\text { Price variance } \$ 562.50 \mathrm{~F} & \$ 1,260.00 \mathrm{~F} &\\\text { Efficiency variance }&\$ 1,822.50 \mathrm{U} & \$ 2,160.00 \mathrm{U}\\\\\text { Static budget volume } & 800 \text { units } \\\text { Actual volume } & 900 \text { units } \\\text { Actual overhead cost } & \$ 11,000\\\text {Standard variable overhead cost }& \$ 5 /\text { unit } \\ \text {unit Standard fixed overhead cost} & \$ 5,600 \\\text { Overhead flexible budget variance } & \$ 900 \mathrm{U} \\\text { Production volume variance } & \$ 700 \mathrm{~F} &\end{array}$

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Journalize the purchase and usage of direct materials including the related variances.