Actual Total Cost of Direct Materials  $          225,000     Standard Total Cost of Direct Materials  $          224,800     Actual Materials Used                         30     Standard Materials Used                         31             Actual Direct Labor Rate  $              15.50     Standard Labor Rate  $              15.00     Actual Hours Worked                               45     Standard Hours Worked                               40               Amount Favorable/ Unfavorable   Calculate Materials Variances:       Materials Price Variance  $                      ??? ???   Materials Quantity Variance                              ?? ???           Calculate Labor  Variances:       Labor Rate Variance  $             ?? ??   Labor Efficiency Variance  $                          ?? ???

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Actual Total Cost of Direct Materials  $          225,000    
Standard Total Cost of Direct Materials  $          224,800    
Actual Materials Used                         30    
Standard Materials Used                         31    
       
Actual Direct Labor Rate  $              15.50    
Standard Labor Rate  $              15.00    
Actual Hours Worked                               45    
Standard Hours Worked                               40    
       
  Amount Favorable/ Unfavorable  
Calculate Materials Variances:      
Materials Price Variance  $                      ??? ???  
Materials Quantity Variance                              ?? ???  
       
Calculate Labor  Variances:      
Labor Rate Variance  $             ?? ??  
Labor Efficiency Variance  $                          ?? ???  
       
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