Concord Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (9 pounds at $3.70 per pound) Direct labor (5 hours at $11.00 per hour) During the month of April, the company manufactures 340 units and incurs the following actual costs. Direct materials purchased and used (1,500 pounds) Direct labor (1,730 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ $ $ $33.30 $55.00 $ $ $ $5,850 $18,684

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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 (9 pounds at $3.70 per pound)
Direct labor (5 hours at $11.00 per hour)
During the month of April, the company manufactures 340 units and incurs the following actual costs.
Direct materials purchased and used (1,500 pounds)
Direct labor (1,730 hours)
Total materials variance
Compute the total, price, and quantity variances for materials and labor.
Materials price variance
Materials quantity variance
Total labor variance
Labor price variance
Labor quantity variance
$
LA
$
$
$
$33.30
$55.00
$
$
Search
$5,850
$18,684
[
>
Σ
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 (9 pounds at $3.70 per pound) Direct labor (5 hours at $11.00 per hour) During the month of April, the company manufactures 340 units and incurs the following actual costs. Direct materials purchased and used (1,500 pounds) Direct labor (1,730 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ LA $ $ $ $33.30 $55.00 $ $ Search $5,850 $18,684 [ > Σ
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