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Materials Variances Actual cost: Split cost: Standard cost: $Answer $Answer $Answer a. Materials price $Answer AnswerFU b. Materials efficiency $Answer AnswerFU Labor Variances Actual cost: Split cost: Standard cost: c. Labor rate $Answer $Answer $Answer $Answer AnswerFU

Materials Variances Actual cost: Split cost: Standard cost: $Answer $Answer $Answer a. Materials price $Answer AnswerFU b. Materials efficiency $Answer AnswerFU Labor Variances Actual cost: Split cost: Standard cost: c. Labor rate $Answer $Answer $Answer $Answer AnswerFU

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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: Split cost: Direct material Direct labor 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: Standard cost: Actual Costs Labor Variances Actual cost: 11,700 18,600 Split cost: Standard cost: Standard Costs lbs. @ $5.30 hrs. @ $8.40 $Answer $Answer $Answer a. Materials price $Answer AnswerFU b. Materials efficiency $Answer AnswerFU $Answer $Answer $Answer c. Labor rate $Answer AnswerFU d. Labor efficieny $Answer AnswerFU 12,000 lbs. @ 18,000 hrs. @ $5.10 $8.70
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: Split cost: Direct material Direct labor 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: Standard cost: Actual Costs Labor Variances Actual cost: 11,700 18,600 Split cost: Standard cost: Standard Costs lbs. @ $5.30 hrs. @ $8.40 $Answer $Answer $Answer a. Materials price $Answer AnswerFU b. Materials efficiency $Answer AnswerFU $Answer $Answer $Answer c. Labor rate $Answer AnswerFU d. Labor efficieny $Answer AnswerFU 12,000 lbs. @ 18,000 hrs. @ $5.10 $8.70
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