Fill in the blanks. Round "per unit" answer values to 2 decimal places. DIRECT LABORDIRECT MATERIALStandard price or rate per unit of inputStandard quantity per unit of outputActual quantity used per unit of outputActual price or rate per unit of inputActual outputDirect material price varianceDirect material quantity variance20.00Per hour8.00Per Ib??Lbs per unitLbs per unitHours per unit2Hours?21.00Per hour7.00Per Ib8,000Units8,000Units30,000FavorableTotal direct material variance10,000FavorableDirect-labor rate variance16,000UnfavorableDirect labor efficiency varianceTotal direct labor variance71,000Favorable55,000Favorable

The difference between the actual and standard of actual output is called a variance.

Answered: l in the blanks. Round "per unit"…

Business

Finance

l in the blanks. Round "per unit" answer values to 2 decimal places.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

Fill in the blanks. Round "per unit" answer values to 2 decimal places.

DIRECT LABOR
DIRECT MATERIAL
Standard price or rate per unit of input
Standard quantity per unit of output
Actual quantity used per unit of output
Actual price or rate per unit of input
Actual output
Direct material price variance
Direct material quantity variance
20.00
Per hour
8.00
Per Ib
?
?
Lbs per unit
Lbs per unit
Hours per unit
2
Hours
?
21.00
Per hour
7.00
Per Ib
8,000
Units
8,000
Units
30,000
Favorable
Total direct material variance
10,000
Favorable
Direct-labor rate variance
16,000
Unfavorable
Direct labor efficiency variance
Total direct labor variance
71,000
Favorable
55,000
Favorable

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