仁 Monty Company provided the following information about its standard costing system for 2022 Standard Data Actual Data Materials 10 lbs. @ 54 per Ibs. 4,100units paɔnpo Labor 3 hrs. @ $21 per hr. Materials purchased 51,000 lbs. costing 5219,300 Budgeted production 3,600 units Materials used Labor worked 11,200 hrs. costing $224,000 Calculate the labor price variance and thelaborquantity variance. Identifywhethereach variance is favorable or unfavorable. Labor Price Variance Labor Quantity Variance e Textbook and Media Saie for Later Attempts: 0 of 3 used Submit Anewer
仁 Monty Company provided the following information about its standard costing system for 2022 Standard Data Actual Data Materials 10 lbs. @ 54 per Ibs. 4,100units paɔnpo Labor 3 hrs. @ $21 per hr. Materials purchased 51,000 lbs. costing 5219,300 Budgeted production 3,600 units Materials used Labor worked 11,200 hrs. costing $224,000 Calculate the labor price variance and thelaborquantity variance. Identifywhethereach variance is favorable or unfavorable. Labor Price Variance Labor Quantity Variance e Textbook and Media Saie for Later Attempts: 0 of 3 used Submit Anewer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Unit VIII QUESTION 6
Transcribed Image Text:仁
Monty Company provided the following information about its standard costing system for 2022
Standard Data
Actual Data
Materials
10 lbs. @ 54 per Ibs.
4,100units
paɔnpo
Labor
3 hrs. @ $21 per hr.
Materials purchased
51,000 lbs. costing 5219,300
Budgeted production
3,600 units
Materials used
Labor worked
11,200 hrs. costing $224,000
Calculate the labor price variance and thelaborquantity variance. Identifywhethereach variance is favorable or unfavorable.
Labor Price Variance
Labor Quantity Variance
e Textbook and Media
Saie for Later
Attempts: 0 of 3 used
Submit Anewer
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