E24.8 (LO 2, 3), AN Writing The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Actual labor rate Actual materials price Standard labor rate Standard materials price $13 per hour $128 per ton $12.50 per hour $130 per ton Instructions a. Compute the total, price, and quantity variances for materials and labor. b. Provide two possible explanations for each of the unfavorable variances calculated above, and suggest where responsibility for the unfavorable result might be placed. Determine amounts from variance report. 4,150 hours 1,220 tons 4,300 hours 1,200 tons.

E24.8 (LO 2, 3), AN Writing The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Actual labor rate Actual materials price Standard labor rate Standard materials price $13 per hour $128 per ton $12.50 per hour $130 per ton Instructions a. Compute the total, price, and quantity variances for materials and labor. b. Provide two possible explanations for each of the unfavorable variances calculated above, and suggest where responsibility for the unfavorable result might be placed. Determine amounts from variance report. 4,150 hours 1,220 tons 4,300 hours 1,200 tons.

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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