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Compute the total, price, and quantity variances for materials and labor. Total materials variance 24 Favorable Neither favorable nor unfavorable Unfavorable Materials price variance Materials quantity variance 2$ Total labor variance Labor price variance Labor quantity variance

Compute the total, price, and quantity variances for materials and labor. Total materials variance 24 Favorable Neither favorable nor unfavorable Unfavorable Materials price variance Materials quantity variance 2$ Total labor variance Labor price variance Labor quantity variance

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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Concord Inc, which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $ 3.90 per pound) $31.20 Direct labor (5 hours at $ 14.00 per hour) $ 70.00 During the month of April, the company manufactures 270 units and incurs the following actual costs. Direct materials purchased and used ( 1,500 pounds) $6,150 Direct labor ( 1,370 hours) $ 19,043 Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Favorable Neither favorable nor unfavorable Unfavorable Materials quantity variance Total labor variance Labor price variance Labor quantity variance $4 %24 %24 %24 %24 %24
Transcribed Image Text:Concord Inc, which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $ 3.90 per pound) $31.20 Direct labor (5 hours at $ 14.00 per hour) $ 70.00 During the month of April, the company manufactures 270 units and incurs the following actual costs. Direct materials purchased and used ( 1,500 pounds) $6,150 Direct labor ( 1,370 hours) $ 19,043 Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Favorable Neither favorable nor unfavorable Unfavorable Materials quantity variance Total labor variance Labor price variance Labor quantity variance $4 %24 %24 %24 %24 %24
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