Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $5 per pound) Direct labor (3 hours @ $16 per hour) During May the company incurred the following actual costs to produce 8,300 units. Direct materials (128,300 pounds @ $4.80 per pound) Direct labor (29,500 hours @ $16.10 per hour) AR - Actual Rate SR - Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. $ $75 Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost 0 $ $ 615,840 474,950 0 0 Requint Required 2 > Standard Cost

Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $5 per pound) Direct labor (3 hours @ $16 per hour) During May the company incurred the following actual costs to produce 8,300 units. Direct materials (128,300 pounds @ $4.80 per pound) Direct labor (29,500 hours @ $16.10 per hour) AR - Actual Rate SR - Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. $ $75 Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost 0 $ $ 615,840 474,950 0 0 Requint Required 2 > Standard Cost

Name: Exercise 23-11 (Algo) Direct materials and direct labor variances LO
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Description: Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3Lucia Company has set the following standard cost per unit for direct materials and direct labor.Direct materials (15 pounds @ $5 per pound)Direct labor (3 hours @ $16 per hour)$

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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