Please answer within 30mins,it would be apprecaible!!Answer both 1 and 2 Materials and Labor VariancesAt the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:Direct materials (5 lbs. @ $4.00)$20.00Direct labor (2 hrs. @ $15.00)30.00Standard prime cost per unit$50.00The actual results for the year are as follows:a. Units produced: 430,000.b. Materials purchased: 3,010,000 pounds @ $4.50.c. Materials used: 2,537,000 pounds.d. Direct labor: 774,000 hours @ $13.92.Required:1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.Material price varianceUnfavorableMaterial usage varianceUnfavorable2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.Labor rate varianceFavorableLabor efficiency varianceFavorable

Step 1 Cost variance is the difference between the actual amount of a cost and its budgeted cost.…

Answered: Please answer within 30mins,it would…

Business

Accounting

Please answer within 30mins,it would be apprecaible!! Answer both 1 and 2

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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Answer both 1 and 2

Materials and Labor Variances
At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:
Direct materials (5 lbs. @ $4.00)
$20.00
Direct labor (2 hrs. @ $15.00)
30.00
Standard prime cost per unit
$50.00
The actual results for the year are as follows:
a. Units produced: 430,000.
b. Materials purchased: 3,010,000 pounds @ $4.50.
c. Materials used: 2,537,000 pounds.
d. Direct labor: 774,000 hours @ $13.92.
Required:
1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.
Material price variance
Unfavorable
Material usage variance
Unfavorable
2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.
Labor rate variance
Favorable
Labor efficiency variance
Favorable

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