Required 1 Required 2Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)Actual Cost$0$00< Required 1$0Required 2 >Standard Cost Camila Company has set the following standard cost per unit for direct materials and direct labor.Direct materials (15 pounds @ $4 per pound)Direct labor (3 hours @ $14 per hour)During June the company incurred the following actual costs to produce 8,700 units.Direct materials (133,500 pounds @ $3.70 per pound)$493,950416,060Direct labor (29,300 hours @ $14.20 per hour)AR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price$6042(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.

Name: Required 1 Required 2Compute the direct materials price and quantity
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Description: Required 1 Required 2Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)Actual Cost$0$00 Standard Cost Camila Company has set

Direct costs are the expenses that are directly used for the production of goods and services for…

Business

Accounting

Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) $ 60 Direct labor (3 hours @ $14 per hour) 42 During June the company incurred the following actual costs to produce 8,700 units. Direct materials (133,500 pounds @ $3.70 per pound) $493,950 416,060 Direct labor (29,300 hours @ $14.20 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.

Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) $ 60 Direct labor (3 hours @ $14 per hour) 42 During June the company incurred the following actual costs to produce 8,700 units. Direct materials (133,500 pounds @ $3.70 per pound) $493,950 416,060 Direct labor (29,300 hours @ $14.20 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.

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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