FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Direct Material
Direct Labor
Standard Cost Data per 1 Unit
Quantity Price
3 lbs $2.00/lb
2 hrs
$4.00/hr
Actual Data:
Units produced
Material purchase & usage
Direct Labor
Show all computations.
25
100 lbs at $2.20 per lb
30 hrs; total cost $129
a) Compute price variance, quantity variance, direct material variance
b) Compute rate variance, efficiency variance, direct labor variance
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Transcribed Image Text:Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance
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