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

FINANCIAL ACCOUNTING
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Author:Libby
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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:
Actual Costs
Standard Costs
lbs. @
Direct material
Direct labor
Standard cost:
Labor Variances
Actual cost:
Split cost:
Standard cost:
c. Labor rate
Answer
18,900
25,650
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:
Answer
a. Materials price
Answer AnswerFU
b. Materials efficiency Answer AnswerFU
Answer
Answer
Answer
hrs. @
Answer
Answer AnswerFU
$4.90
$9.30
d. Labor efficieny Answer AnswerFU
18,000 lbs. @
27,000 hrs. @
$5.20
$9.50
Transcribed Image Text: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: Actual Costs Standard Costs lbs. @ Direct material Direct labor Standard cost: Labor Variances Actual cost: Split cost: Standard cost: c. Labor rate Answer 18,900 25,650 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: Answer a. Materials price Answer AnswerFU b. Materials efficiency Answer AnswerFU Answer Answer Answer hrs. @ Answer Answer AnswerFU $4.90 $9.30 d. Labor efficieny Answer AnswerFU 18,000 lbs. @ 27,000 hrs. @ $5.20 $9.50
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