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[answered] Material and Labor Variances The following actual and stand


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:

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.

Actual cost: $Answer
Split cost: $Answer
Standard cost: $Answer
a. Materials price $Answer
AnswerFU
b. Materials efficiency $Answer
AnswerFU



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


 

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