(Solved): Waterway Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for ...

Waterway Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for

each, with the following DM and DL usage and price expectations. Direct materials Directlabor 11 square yards per unit @ $4/square yard 1.4 DL hours per unit @ $13/DLhour Throughout the year, Waterway used 37,375 square yards of fabric in the process of making 3,250 tents. The company had originally planned to produce and sell 3,050 tents. In keeping with its desire to hold some DM Inventory at year-end, it purchased 39,300 square yards of canvas at

per square yard. Waterway's DL cost totaled

for the 4,453 hours that were actually used. (a) Determine Waterway's DM and DL price and efficiency variances; specify the amount and sign for all. List of Accounts