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The following direct materials and direct labor data pertain to the operations of Crane Company for the month of August. Actual labor rate Actual materials price Standard labor rate Standard materials price (a) Costs Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Total materials variance Materials price variance Total labor variance Materials quantity variance Labor price variance $12 $250 $11.50 $251 Quantities Compute the total, price, and quantity variances for materials and labor. Labor quantity variance $ per hour per ton per hour per ton $ $ 4,000 hours 1,500 tons 4,070 hours 1,475 tons Favorable

The following direct materials and direct labor data pertain to the operations of Crane Company for the month of August. Actual labor rate Actual materials price Standard labor rate Standard materials price (a) Costs Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Total materials variance Materials price variance Total labor variance Materials quantity variance Labor price variance $12 $250 $11.50 $251 Quantities Compute the total, price, and quantity variances for materials and labor. Labor quantity variance $ per hour per ton per hour per ton $ $ 4,000 hours 1,500 tons 4,070 hours 1,475 tons Favorable

FINANCIAL ACCOUNTING
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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The following direct materials and direct labor data pertain to the operations of Crane Company for the month of August. Actual labor rate Actual materials price Standard labor rate Standard materials price Costs (a) Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Total materials variance Materials price variance Total labor variance $12 per hour $250 per ton $11.50 per hour $251 per ton Quantities Compute the total, price, and quantity variances for materials and labor. Materials quantity variance $ Labor price variance Labor quantity variance 4,000 hours $ 1,500 tons 4,070 hours 1,475 tons Favorable
Transcribed Image Text:The following direct materials and direct labor data pertain to the operations of Crane Company for the month of August. Actual labor rate Actual materials price Standard labor rate Standard materials price Costs (a) Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Total materials variance Materials price variance Total labor variance $12 per hour $250 per ton $11.50 per hour $251 per ton Quantities Compute the total, price, and quantity variances for materials and labor. Materials quantity variance $ Labor price variance Labor quantity variance 4,000 hours $ 1,500 tons 4,070 hours 1,475 tons Favorable
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