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appendix used in part b variable cost variances information on thurmster corporatio 691354

(Appendix used in Part b) Variable Cost Variances

Information on Thurmster Corporation’s direct materials costs follows:

Actual quantities of direct materials used

7,500

Actual costs of direct materials used

$98,550

Standard price per unit of direct materials

$12.60

Flexible budget for direct materials

$89,775

Thurmster Corporation has no materials inventories.

Required

a. Prepare a short report for management showing Thurmster Corporation’s direct materials price and efficiency variances.

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

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