ericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Line Item Description Value Standard number of lbs. of brass 1.5 lbs. Standard price per lb. of brass $12.75 Standard wage per hour $15.60 Standard labor time per unit 20 min. Actual price per lb. of brass $13.00 Actual lbs. of brass used during the week 10,197 lbs. Number of units produced during the week 6,600 Actual wage per hour $16.07 Actual hours for the week (30 employees × 40 hours) 1,200 Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Line Item Description Cost per Unit Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit $fill in the blank 2 Total standard cost per unit $fill in the blank 3 b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance Direct Materials Price Variance $fill in the blank 4   Direct Materials Quantity Variance $fill in the blank 6   Total Direct Materials Cost Variance $fill in the blank 8   c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance Direct Labor Rate Variance $fill in the blank 10   Direct Labor Time Variance $fill in the blank 12   Total Direct Labor Cost Variance $fill in the blank 14

Direct Materials and Direct Labor Variance Analysis

Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows:

Required:

a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places.

b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.