M8(7) # Direct Materials and Direct Labor Variance AnalysisAbbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows:- **Standard wage per hr.:** $15.00- **Standard labor time per faucet:** 40 min.- **Standard number of lb. of brass:** 3 lb.- **Standard price per lb. of brass:** $2.40- **Actual price per lb. of brass:** $2.50- **Actual lb. of brass used during the week:** 14,350 lb.- **Number of faucets produced during the week:** 4,800- **Actual wage per hr.:** $14.40- **Actual hrs. for the week:** 3,240 hrs.## Required:### a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places.- **Direct materials standard cost per unit:**- **Direct labor standard cost per unit:**- **Total standard cost per unit:**### b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to two decimal places, if necessary. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.- **Direct materials price variance:** Unfavorable- **Direct materials quantity variance:** Favorable- **Total direct materials cost variance:** Unfavorable **Educational Website Transcription**---**Task: Determining Direct Labor Variances****Instructions:**- Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance.- Enter a favorable variance as a negative number using a minus sign.- Enter an unfavorable variance as a positive number.**Variance Calculations:**1. **Direct Labor Rate Variance** - Enter the value: [_ _ _ _ _ _ _] - Selection: Favorable [✓]2. **Direct Labor Time Variance** - Enter the value: [_ _ _ _ _ _ _] - Selection: Unfavorable [✓]3. **Total Direct Labor Cost Variance** - Enter the value: [_ _ _ _ _ _ _] - Selection: Favorable [✓]**Feedback Section:**- Option available to check the work: - [✔ Check My Work]---**Note:** The feedback section provides assistance to verify your calculations, ensuring understanding and accuracy in determining labor variances.

Name: M8(7) # Direct Materials and Direct Labor Variance AnalysisAbbeville C
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Description: M8(7) # Direct Materials and Direct Labor Variance AnalysisAbbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee presently provides 36 hours of labor p

Lets understand the basics.Management calculates standard cost in order to compare it with actual…

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bbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee pr -ovides 36 hours of labor per week. Information about a production week is as follows: tandard wage per hr. tandard labor time per faucet tandard number of lb. of brass tandard price per lb. of brass ctual price per lb. of brass ctual lb. of brass used during the week umber of faucets produced during the week ctual wage per hr. $15.00 40 min. 3 lb. $2.40 $2.50 14,350 lb. 4,800 $14.40

bbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee pr -ovides 36 hours of labor per week. Information about a production week is as follows: tandard wage per hr. tandard labor time per faucet tandard number of lb. of brass tandard price per lb. of brass ctual price per lb. of brass ctual lb. of brass used during the week umber of faucets produced during the week ctual wage per hr. $15.00 40 min. 3 lb. $2.40 $2.50 14,350 lb. 4,800 $14.40

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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