The following direct materials and direct labor data pertain to the operations of Sunland Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price (a) Total materials variance Materials price variance $13 $130 $12.50 Total labor variance Quantities Labor price variance $133 Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Materials quantity variance per hour Labor quantity variance per ton per hour per ton Compute the total, price, and quantity variances for materials and labor. 4,000 hours 1,900 tons 4,080 hours 1,880 tons T >>>>
The following direct materials and direct labor data pertain to the operations of Sunland Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price (a) Total materials variance Materials price variance $13 $130 $12.50 Total labor variance Quantities Labor price variance $133 Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Materials quantity variance per hour Labor quantity variance per ton per hour per ton Compute the total, price, and quantity variances for materials and labor. 4,000 hours 1,900 tons 4,080 hours 1,880 tons T >>>>
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Topic Video
Question
Please help me with all answers thanku
Transcribed Image Text:The following direct materials and direct labor data pertain to the operations of Sunland Company for the month of August.
Costs
Actual labor rate
Actual materials price
Standard labor rate
Standard materials price
(a)
Total materials variance
$13
$130
$12.50
Quantities
Actual hours incurred and used
Actual quantity of materials purchased and used
Standard hours used
Standard quantity of materials used
Materials price variance
Total labor variance
$133
Labor price variance
Materials quantity variance
per hour
per ton
per hour
Labor quantity variance
per ton
Compute the total, price, and quantity variances for materials and labor.
4,000 hours
1,900 tons
4,080 hours
1,880 tons
11
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education