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   7,800 lbs. @ $5.30   8,000 lbs. @ $5.10 Direct labor   12,400 hrs. @ $8.40   12,000 hrs. @ $8.70   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.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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   7,800 lbs. @ $5.30   8,000 lbs. @ $5.10
Direct labor   12,400 hrs. @ $8.40   12,000 hrs. @ $8.70

 

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: Answer
 
 
Split cost: Answer
 
 
Standard cost: Answer
 
 
a. Materials price Answer
 
Answer
b. Materials efficiency Answer
 
Answer

 

 
Labor Variances
Actual cost: Answer
 
 
Split cost: Answer
 
 
Standard cost: Answer
 
 
c. Labor rate Answer
 
Answer
d. Labor efficieny Answer
 
Answer
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