FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following direct materials and direct labor data pertain to the operations of Sunland Company for the month of August.
Costs
Actual labor rate
Actual materials price
Standard labor rate
Standard materials price
$13
$290
$12.50
per hour
per ton
per hour
$292 per ton
Quantities.
Actual hours incurred and used
Actual quantity of materials purchased and used
Standard hours used
Standard quantity of materials used.
4,200 hours
1,000 tons
4,290 hours
990 tons
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Transcribed Image Text:The following direct materials and direct labor data pertain to the operations of Sunland Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $290 $12.50 per hour per ton per hour $292 per ton Quantities. Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used. 4,200 hours 1,000 tons 4,290 hours 990 tons
(a)
Compute the total, price, and quantity variances for materials and labor.
Total materials variance
Materials price variance
Materials quantity variance
Total labor variance
Labor price variance
Labor quantity variance
$
$
$
$
$
$
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Transcribed Image Text:(a) Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ $ $ $ $ $
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