please answer all or skip please answer all or leave .If you can't answer all leave it please answer all with all working 1 b. Prepare journal entries to record all activity relating to direct materials for the period.2. For direct labour.a. Compute the rate and efficiency variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) 2b . Prepare a journal entry to record the incurrence of direct labour cost for the period. (List debit entries first). Record the incurrence of direct labour cost for the period. Note: Enter debits hefore credits 3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) 4. Compute the fixed overhead budget and volume variances. (indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) 5. On seeing the$1,850total cost variance, the company's president stated, "It's obvious that our costs are well under control." Do you agree?YesNo Haliburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products.The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit ofproduct)Direct materials:Standard: 4.0 metres at $4.60 per metreActual: 4.2 metres at $4.40 per metreDirect labour:Standard: 2.4 hours at $4.50 per hourActual: 2.2 hours at $4.85 per hourVariable manufacturing overhead:Standard: 2.4 hours at $2.20 per hourActual: 2.2 hours at $2.55 per hourFixed manufacturing overhead:Standard: 2.4 hours at $3.80 per hourActual: 2.2 hours at $3.85 per hour!Total cost per unitActual costs: 5,000 units at $43.23Standard costs: 5,000 units at $43.60Difference in cost-favourable$216,150218,000$ 1,850StandardCost$18.4010.805.289.12$43.60ActualCost$18.4810.675.618.47$43.23 During this period, the company produced 5,000 units of product. A comparison of standard and actual costs for the period on atotal cost basis is also given above.There was no inventory of materials on hand to start the period. During the period, 21,000 metres of materials was purchasedand used in production. The denominator level of activity for the period was 11,200 hours.Required:1. For direct materials:a. Compute the price and quantity variances for the period. (Indicate the effect of each variance by selecting "F" for favourable."U" for unfavourable, and "None" for no effect (i.e., zero variance).)Price varianceQuantity variance

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Variance analysis is a technique used in management accounting to analyze the difference between…

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1 b. Prepare journal entries to record all activity relating to direct materials for the period.

2. For direct labour.

a. Compute the rate and efficiency variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)

2b . Prepare a journal entry to record the incurrence of direct labour cost for the period. (List debit entries first). Record the incurrence of direct labour cost for the period. Note: Enter debits hefore credits

3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)

4. Compute the fixed overhead budget and volume variances. (indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)

5. On seeing the$1,850total cost variance, the company's president stated, "It's obvious that our costs are well under control." Do you agree?

Yes

Haliburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products.
The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of
product)
Direct materials:
Standard: 4.0 metres at $4.60 per metre
Actual: 4.2 metres at $4.40 per metre
Direct labour:
Standard: 2.4 hours at $4.50 per hour
Actual: 2.2 hours at $4.85 per hour
Variable manufacturing overhead:
Standard: 2.4 hours at $2.20 per hour
Actual: 2.2 hours at $2.55 per hour
Fixed manufacturing overhead:
Standard: 2.4 hours at $3.80 per hour
Actual: 2.2 hours at $3.85 per hour!
Total cost per unit
Actual costs: 5,000 units at $43.23
Standard costs: 5,000 units at $43.60
Difference in cost-favourable
$216,150
218,000
$ 1,850
Standard
Cost
$18.40
10.80
5.28
9.12
$43.60
Actual
Cost
$18.48
10.67
5.61
8.47
$43.23

During this period, the company produced 5,000 units of product. A comparison of standard and actual costs for the period on a
total cost basis is also given above.
There was no inventory of materials on hand to start the period. During the period, 21,000 metres of materials was purchased
and used in production. The denominator level of activity for the period was 11,200 hours.
Required:
1. For direct materials:
a. Compute the price and quantity variances for the period. (Indicate the effect of each variance by selecting "F" for favourable.
"U" for unfavourable, and "None" for no effect (i.e., zero variance).)
Price variance
Quantity variance

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