Please do not give solution in image format The following direct materials and direct labor data pertain to the operations of Cullumber Company for the month of August.Actual labor rateActual materials priceStandard labor rateStandard materials priceCosts(a)Actual hours incurred and usedActual quantity of materials purchased and usedStandard hours usedTotal materials varianceStandard quantity of materials usedMaterials price varianceTotal labor variance$14$260Materials quantity varianceper hourper tonper hour$262 per tonCompute the total, price, and quantity variances for materials and labor.Labor price variance$13.50QuantitiesLabor quantity variance4,600 hours1,800 tons4,640 hours1,780 tons>

Lets understand the basics. Total Material Variance :— It is the difference between standard cost of…

The following direct materials and direct labor data pertain to the operations of Cullumber Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $14 per hour per ton $260 $13.50 $262 per hour per ton

The following direct materials and direct labor data pertain to the operations of Cullumber Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $14 per hour per ton $260 $13.50 $262 per hour per ton

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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Question

Please do not give solution in image format

The following direct materials and direct labor data pertain to the operations of Cullumber 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
Total materials variance
Standard quantity of materials used
Materials price variance
Total labor variance
$14
$260
Materials quantity variance
per hour
per ton
per hour
$262 per ton
Compute the total, price, and quantity variances for materials and labor.
Labor price variance
$13.50
Quantities
Labor quantity variance
4,600 hours
1,800 tons
4,640 hours
1,780 tons
>

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