Fill in the blanks. Round "per unit" answer values to 2 decimal places. DIRECT LABORDIRECT MATERIALStandard price or rate per unit of inputStandard quantity per unit of outputActual quantity used per unit of outputActual price or rate per unit of inputActual outputDirect material price varianceDirect material quantity variancePer hourPer IbLbs per unitLbs per unitPer Ib20.008.00?Hours per unit?Hours21.00Per hour7.008,000Units8,000Units30,000Favorable20,000UnfavorableTotal direct material variance10,000Favorable16,000 UnfavorableFavorableDirect-labor rate varianceDirect labor efficiency variance71,000Total direct labor variance55,000Favorable

Direct labor defines a kind of labor force which is directly linked with the manufacturing process.…

DIRECT LABOR DIRECT MATERIAL Standard price or rate per unit of input Standard quantity per unit of output Actual quantity used per unit of output Actual price or rate per unit of input Actual output Direct material price variance Direct material quantity variance Total direct material variance Direct-labor rate variance Direct labor efficiency variance Total direct labor variance Per hour 8.00 Per Ib Lbs per unit Lbs per unit Per Ib 20.00 Hours per unit ? 2 Hours ? 21.00 Per hour 7.00 8,000 Units 8,000 Units Favorable Unfavorable 30,000 20,000 10,000 Favorable 16,000 Unfavorable 71,000 55,000 Favorable Favorable

DIRECT LABOR DIRECT MATERIAL Standard price or rate per unit of input Standard quantity per unit of output Actual quantity used per unit of output Actual price or rate per unit of input Actual output Direct material price variance Direct material quantity variance Total direct material variance Direct-labor rate variance Direct labor efficiency variance Total direct labor variance Per hour 8.00 Per Ib Lbs per unit Lbs per unit Per Ib 20.00 Hours per unit ? 2 Hours ? 21.00 Per hour 7.00 8,000 Units 8,000 Units Favorable Unfavorable 30,000 20,000 10,000 Favorable 16,000 Unfavorable 71,000 55,000 Favorable Favorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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