A manufactured product has the following information for June. Standard Actual Direct materials Direct labor 6 lbs. e $8 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $12 per hr. 48,000 lbs. @ $8.20 per lb. 23,400 hrs. @ $15.40 per hr. $289,700 7,900 Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ X SP 48,000 $ 8.20 48,000 $ 8.00 47,400 2$ 8.00 $ 393,600 $ 384,000 $ 379,200 $ 9,600 2$ 4,800

A manufactured product has the following information for June. Standard Actual Direct materials Direct labor 6 lbs. e $8 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $12 per hr. 48,000 lbs. @ $8.20 per lb. 23,400 hrs. @ $15.40 per hr. $289,700 7,900 Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ X SP 48,000 $ 8.20 48,000 $ 8.00 47,400 2$ 8.00 $ 393,600 $ 384,000 $ 379,200 $ 9,600 2$ 4,800

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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