8 Direct Materials and Direct Labor Variance AnalysisJericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32hours of labor per week. Information about a production week is as follows:2.1 lbs.Standard number of lbs. of brassStandard price per lb. of brassStandard wage per hourStandard labor time per unitActual price per lb. of brassActual lbs. of brass used during the weekNumber of units produced during the weekActual wage per hourActual hours for the week (40 employees x 32 hours)Required:a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places.Direct materials standard cost per unit19.956.08Direct labor standard cost per unitTotal standard cost per unit26.03b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter afavorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.Direct Materials Price Variance4,3804,845Direct Materials Quantity VarianceTotal Direct Materials Cost VarianceS9,225c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable varianceas a negative number using a minus sign and an unfavorable variance as a positive number.Direct Labor Rate VarianceUnfavorableDirect Labor Time VarianceFavorableTotal Direct Labor Cost VarianceFavorable627$9.50$16.2015 min.$9.7517,520 lbs.8,100$16.691,280-3,037UnfavorableUnfavorableUnfavorablePrevious

Name: 8 Direct Materials and Direct Labor Variance AnalysisJericho Fixture C
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Description: 8 Direct Materials and Direct Labor Variance AnalysisJericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32hours of labor pe

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Direct Materials and Direct Labor Variance Analysis Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently p hours of labor per week. Information about a production week is as follows: Standard number of lbs. of brass Standard price per lb. of brass Standard wage per hour Standard labor time per unit Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week 2.1 lbs. $9.50 $16.20 15 min. $9.75 17,520 lbs. 8,100