The following events occurred for johnson company:
a. received investment of $43,000 cash by organizers and distributed 1,180 shares of $1 par value common stock to them.
b. purchased $8,800 of equipment, paying $1,300 in cash and signing a note for the rest.
c. borrowed $9,000 cash from a bank.
d. loaned $500 to an employee who signed a note.
e. purchased $17,048 of land; paid $7,000 in cash and signed a mortgage note for the balance.

Levine inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. direct materials (9 pounds at $1.80 per pound) $16.20 direct labor (6 hours at $14.00 per hour) $84.00 during the month of april, the company manufactures 270 units and incurs the following actual costs. direct materials purchased and used (2,500 pounds) $5,000 direct labor (1,660 hours) $22,908 compute the total, price, and quantity variances for materials and labor.