Answered: Compute the Materials Price Variance…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 10E: Standard unit cost and journal entries The normal capacity of Algonquin Adhesives Inc. is 40,000...

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Question 5 Part II
The following information is provided for Advent Corporation:
Direct Materials: The per-unit standards are 2 pounds at $5 per pound. Last month, 11,200 pounds of
direct materials that actually cost $53,200 were used to produce 6,000 units of
product.
Direct Labour: The per-unit standards are 0.5 direct labor hours at $15 per hour. In producing 6,000
units, the actual direct labor cost was $46,500 for 3,000 direct labor hours worked.
Required:
a. Compute the Materials Price Variance
b. Compute the Materials Quantity Variance
c. Compute the Labour Rate Variance
d. Compute the Labour Quantity Variance

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