Material and Labor VariancesThe 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 19,500 lbs. @ $5.30 20,000 lbs. @ $5.10 Direct labor 31,000 hrs. @ $8.40 30,000 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
Material and Labor VariancesThe 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 19,500 lbs. @ $5.30 20,000 lbs. @ $5.10 Direct labor 31,000 hrs. @ $8.40 30,000 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Material and Labor Variances
The following actual and
Actual Costs | Standard Costs | |||||||
---|---|---|---|---|---|---|---|---|
Direct material | 19,500 | lbs. @ | $5.30 | 20,000 | lbs. @ | $5.10 | ||
Direct labor | 31,000 | hrs. @ | $8.40 | 30,000 | 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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