Direct materials Direct labor Standard Quantity or Hours 6.80 pounds 0.50 hours Standard Price or Rate $3.00 per pound Standard Cost $ 20.40 $ 5.50 $ 11.00 per hour During the most recent month, the following activity was recorded: a. 22,900.00 pounds of material were purchased at a cost of $2.70 per pound. b. All of the material purchased was used to produce 3,000 units of Zoom. c. 1,400 hours of direct labor time were recorded at a total labor cost of $18,200. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance

Direct materials Direct labor Standard Quantity or Hours 6.80 pounds 0.50 hours Standard Price or Rate $3.00 per pound Standard Cost $ 20.40 $ 5.50 $ 11.00 per hour During the most recent month, the following activity was recorded: a. 22,900.00 pounds of material were purchased at a cost of $2.70 per pound. b. All of the material purchased was used to produce 3,000 units of Zoom. c. 1,400 hours of direct labor time were recorded at a total labor cost of $18,200. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance

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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