Beaufort Corporation makes a product with the following standard costs: Direct Materials Direct Labor Standard Quantity or Hours Kilos Hours 5.5 0.8 Actual price of raw materials Actual direct labor rate Standard Price or Rate $7.30 $ 20.50 The company reported the following results concerning this product in June. Actual Output Raw materials used in production Actual direct labor hours Purchases of raw materials 3,600 units 21,500 kilos hours kilos 1,900 46,700 $ 7.60 $22.50 per kilo per hour per kilo per hour a) What was materials price variance for November? b) What was materials quantity variance for November?
Beaufort Corporation makes a product with the following standard costs: Direct Materials Direct Labor Standard Quantity or Hours Kilos Hours 5.5 0.8 Actual price of raw materials Actual direct labor rate Standard Price or Rate $7.30 $ 20.50 The company reported the following results concerning this product in June. Actual Output Raw materials used in production Actual direct labor hours Purchases of raw materials 3,600 units 21,500 kilos hours kilos 1,900 46,700 $ 7.60 $22.50 per kilo per hour per kilo per hour a) What was materials price variance for November? b) What was materials quantity variance for November?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Question 6
Beaufort Corporation makes a product with the following standard costs:
Direct Materials
Direct Labor
Standard Quantity or Hours
Kilos
Hours
5.5
0.8
Standard Price or Rate
$7.30
$ 20.50
3,600
21,500
1,900
46,700
$7.60
$ 22.50
The company reported the following results concerning this product in June.
Actual Output
Raw materials used in production
Actual direct labor hours
Purchases of raw materials
Actual price of raw materials
Actual direct labor rate
units
kilos
hours
kilos
per kilo
per hour
per kilo
per hour
a) What was materials price variance for November?
b) What was materials quantity variance for November?
16
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