24. Controller Yang Zho is analyzing the direct material and direct labor variances for 2018. The following information comes from the accounting records $ 180,000 Direct Material Cost (for 600,000 pounds of material) Units used Direct Labor Costs (for 270,000 hours) Units Produced The standard prime cost for one bar is Direct Materials.5 pounds at $0.25 per pound Direct Labor.25 hours at $15 per hour Total standard prime cost per bar 550,000 pounds $ 3,780,000 $ $ $ 1,000,000 0.125 3.750 3.875 Required 1. Compute the appropriate direct material and direct labor variances (efficiency, quantity, and flexible budget).

24. Controller Yang Zho is analyzing the direct material and direct labor variances for 2018. The following information comes from the accounting records $ 180,000 Direct Material Cost (for 600,000 pounds of material) Units used Direct Labor Costs (for 270,000 hours) Units Produced The standard prime cost for one bar is Direct Materials.5 pounds at $0.25 per pound Direct Labor.25 hours at $15 per hour Total standard prime cost per bar 550,000 pounds $ 3,780,000 $ $ $ 1,000,000 0.125 3.750 3.875 Required 1. Compute the appropriate direct material and direct labor variances (efficiency, quantity, and flexible budget).

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Description: Please show as much working as possible. Thank you for your help. 24. Controller Yang Zho is analyzing the direct material and direct labor variances for 2018.The following information comes from the accounting records$Direct Material Cost(for 600,00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Please show as much working as possible. Thank you for your help.

24. Controller Yang Zho is analyzing the direct material and direct labor variances for 2018.
The following information comes from the accounting records
$
Direct Material Cost
(for 600,000 pounds of material)
Units used
Direct Labor Costs
(for 270,000 hours)
Units Produced
The standard prime cost for one bar is
Direct Materials .5 pounds at $0.25 per pound
Direct Labor .25 hours at $15 per hour
Total standard prime cost per bar
$ 3,780,000
GA GA GA
$
180,000
550,000 pounds
$
1,000,000
0.125
3.750
3.875
Required
1. Compute the appropriate direct material and direct labor variances (efficiency, quantity, and flexible budget).

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Direct material price Variance:

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Direct material quantity variance:

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Labor rate variance:

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Labor efficiency Variance:

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