Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Standard Costs Actual Costs Direct material 23,100 lbs. @ $4.90 22,000 lbs. @ $5.20 Direct labor 31,350 hrs. @ $9.30 33,000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Split cost: Standard cost: $ $ $ a. Materials price $ b. Materials efficiency $ 113,190 ✓ 0 x 114,400 ✓ 6,930 F ♦ 5,720 U ◆ ✓ Labor Variances $ $ $ Actual cost: Split cost: Standard cost: c. Labor rate $ d. Labor efficieny $ 291,555 ✔ 0 x 313,500 ✓ 6,270✔ F 15,675 F ◆ → ✓

Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Standard Costs Actual Costs Direct material 23,100 lbs. @ $4.90 22,000 lbs. @ $5.20 Direct labor 31,350 hrs. @ $9.30 33,000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Split cost: Standard cost: $ $ $ a. Materials price $ b. Materials efficiency $ 113,190 ✓ 0 x 114,400 ✓ 6,930 F ♦ 5,720 U ◆ ✓ Labor Variances $ $ $ Actual cost: Split cost: Standard cost: c. Labor rate $ d. Labor efficieny $ 291,555 ✔ 0 x 313,500 ✓ 6,270✔ F 15,675 F ◆ → ✓

Name: A 97. Material and Labor VariancesThe following actual and standard co
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Description: A 97. Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product:Actual CostsStandard CostsDirect material 23,100 lbs. @ $4.90 22,000 lbs. @ $5.20D

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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