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Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Standard Costs Actual Costs Direct material 23,100 lbs. @ $4.90 22,000 lbs. @ $5.20 Direct labor 31,350 hrs. @ $9.30 33,000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Split cost: Standard cost: $ $ $ a. Materials price $ b. Materials efficiency $ 113,190 ✓ 0 x 114,400 ✓ 6,930 F ♦ 5,720 U ◆ ✓ Labor Variances $ $ $ Actual cost: Split cost: Standard cost: c. Labor rate $ d. Labor efficieny $ 291,555 ✔ 0 x 313,500 ✓ 6,270✔ F 15,675 F ◆ → ✓

Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Standard Costs Actual Costs Direct material 23,100 lbs. @ $4.90 22,000 lbs. @ $5.20 Direct labor 31,350 hrs. @ $9.30 33,000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Split cost: Standard cost: $ $ $ a. Materials price $ b. Materials efficiency $ 113,190 ✓ 0 x 114,400 ✓ 6,930 F ♦ 5,720 U ◆ ✓ Labor Variances $ $ $ Actual cost: Split cost: Standard cost: c. Labor rate $ d. Labor efficieny $ 291,555 ✔ 0 x 313,500 ✓ 6,270✔ F 15,675 F ◆ → ✓

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter9: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 3PA: Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes...
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Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 23,100 lbs. @ $4.90 22,000 lbs. @ $5.20 Direct labor 31,350 hrs. @ $9.30 33,000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Split cost: Standard cost: $ $ $ a. Materials price $ b. Materials efficiency $ 113,190 ✔ 0 x 114,400 ✓ Actual cost: Split cost: 6,930✔ F ◆ 5,720 U + Labor Variances $ $ Standard cost: $ c. Labor rate $ d. Labor efficieny $ 291,555 ✔ 0 x 313,500✔ 6,270 F 15,675 ✓ F ◆ ◆
Transcribed Image Text:Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 23,100 lbs. @ $4.90 22,000 lbs. @ $5.20 Direct labor 31,350 hrs. @ $9.30 33,000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Split cost: Standard cost: $ $ $ a. Materials price $ b. Materials efficiency $ 113,190 ✔ 0 x 114,400 ✓ Actual cost: Split cost: 6,930✔ F ◆ 5,720 U + Labor Variances $ $ Standard cost: $ c. Labor rate $ d. Labor efficieny $ 291,555 ✔ 0 x 313,500✔ 6,270 F 15,675 ✓ F ◆ ◆
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