Cost Accounting (15th Edition)
Cost Accounting (15th Edition)
15th Edition
ISBN: 9780133428704
Author: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
Publisher: PEARSON
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Chapter 7, Problem 7.22E

Materials and manufacturing labor variances. Consider the following data collected for Great Homes, Inc.:

  Direct Materials Direct Manufacturing Labor
Cost incurred: Actual inputs × actual prices $200,000 $90,000
Actual inputs × standard prices 214,000 86,000
Standard inputs allowed for actual output × standard prices 225,000 80,000

Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor.

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a. Direct materials price variance (based on purchases) b. Direct materials efficiency variance  c. Direct manufacturing labour price variance
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What is variance analysis?; Author: Corporate finance institute;https://www.youtube.com/watch?v=SMTa1lZu7Qw;License: Standard YouTube License, CC-BY