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amila Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds @ 15 per pound) Direct labor (3 hours @ $15 per hour) uning June the company incurred the following actual costs to produce 8,800 units Direct materials (126,000 pounds @ 14.75 per pound) Direct labor (29,700 hours @ $15.20 per hour) R-Actual Rate R-Standard Rate Q-Actual Quantity Q-Standard Quantity P-Actual Price P-Standard Price 5.70 45 $ 590,500 451,440

amila Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds @ 15 per pound) Direct labor (3 hours @ $15 per hour) uning June the company incurred the following actual costs to produce 8,800 units Direct materials (126,000 pounds @ 14.75 per pound) Direct labor (29,700 hours @ $15.20 per hour) R-Actual Rate R-Standard Rate Q-Actual Quantity Q-Standard Quantity P-Actual Price P-Standard Price 5.70 45 $ 590,500 451,440

FINANCIAL ACCOUNTING
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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References (2) Compute the direct labor rate variance and the direct labor eR Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each vanance by selecting favorable, unfavorable, or no variance, Round "Rate per hour answers to 2 decimal places) Actual Cost $ 5 0 0 < Required 1 Raqua Standard Cost
Transcribed Image Text:References (2) Compute the direct labor rate variance and the direct labor eR Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each vanance by selecting favorable, unfavorable, or no variance, Round "Rate per hour answers to 2 decimal places) Actual Cost $ 5 0 0 < Required 1 Raqua Standard Cost
Camila Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds @ $5 per pound) Direct labor (3 hours @ $15 per hour) During June the company incurred the following actual costs to produce 8,800 units. Direct materials (126,000 pounds @ $4.75 per pound) Direct labor (29,700 hours @ $15.20 per hour) AR-Actual Rate SR-Standard Rate AQ-Actual Quantity SQ-Standard Quantity AP-Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 2 $70 45 Required 1 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Standard Cost Actual Cost $ 0 $ 598,500 451,440 S K Reviest S Required 2 >
Transcribed Image Text:Camila Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds @ $5 per pound) Direct labor (3 hours @ $15 per hour) During June the company incurred the following actual costs to produce 8,800 units. Direct materials (126,000 pounds @ $4.75 per pound) Direct labor (29,700 hours @ $15.20 per hour) AR-Actual Rate SR-Standard Rate AQ-Actual Quantity SQ-Standard Quantity AP-Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 2 $70 45 Required 1 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Standard Cost Actual Cost $ 0 $ 598,500 451,440 S K Reviest S Required 2 >
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