Kopecky Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product: Direct materials (6 kg at $2.50 per kilogram) $15.00 Direct labour (2.00 hours at $12.20 per hour) $24.40 During the month of April, the company manufactures 280 units and incurs the following actual costs: Direct materials purchased and used (1,880 kg) $5,076 Direct labour (530 hours) $6,201 Calculate the total, price, and quantity variances for materials and labour. Materials Price variance Quantity variance Total variance > > Labour > > >
Kopecky Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product: Direct materials (6 kg at $2.50 per kilogram) $15.00 Direct labour (2.00 hours at $12.20 per hour) $24.40 During the month of April, the company manufactures 280 units and incurs the following actual costs: Direct materials purchased and used (1,880 kg) $5,076 Direct labour (530 hours) $6,201 Calculate the total, price, and quantity variances for materials and labour. Materials Price variance Quantity variance Total variance > > Labour > > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 12.23
Kopecky Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product:
Direct materials (6 kg at $2.50 per kilogram) $15.00
Direct labour (2.00 hours at $12.20 per hour) $24.40
During the month of April, the company manufactures 280 units and incurs the following actual costs:
Direct materials purchased and used (1,880 kg) $5,076
Direct labour (530 hours)
$6,201
Calculate the total, price, and quantity variances for materials and labour.
Materials
Price variance
Quantity variance
Total variance
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Labour
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