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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1

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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