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appendix used in part b variable cost variances information on canyon chemical rsqu 691355

(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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