Joe's Company produces a single product and has prepared this standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound)$12Direct labor (2 hours at $12 per hour)$24 During the month of April, the company manufactures 300 units and incurs the following actual costs. Direct materials purchased and used (1,850 pounds)$4,070Direct labor (620 hours)$7,130 (a) Compute the total, price, and quantity variances for materials. (b) Compute the total, price, and quantity variances for labor.
Joe's Company produces a single product and has prepared this standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound)$12Direct labor (2 hours at $12 per hour)$24 During the month of April, the company manufactures 300 units and incurs the following actual costs. Direct materials purchased and used (1,850 pounds)$4,070Direct labor (620 hours)$7,130 (a) Compute the total, price, and quantity variances for materials. (b) Compute the total, price, and quantity variances for labor.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Joe's Company produces a single product and has prepared this standard cost sheet for one unit of the product.
Direct materials (6 pounds at $2 per pound)$12Direct labor (2 hours at $12 per hour)$24
During the month of April, the company manufactures 300 units and incurs the following actual costs.
Direct materials purchased and used (1,850 pounds)$4,070Direct labor (620 hours)$7,130
(a) Compute the total, price, and quantity variances for materials.
(b) Compute the total, price, and quantity variances for labor.
Please don't give answers in image thnku
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