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The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are: Standard Costs: Direct materials -2,500 kilograms @ $8.50 Actual Costs: The following data relate to direct labor costs for the current period: Standard costs 36,000 hours at $22.00 Actual costs 35,000 hours at $23.00 What is the direct labor time variance? a. $36,000 unfavorable b. $35,000 unfavorable Direct materials - 2,603 kilograms @ $8.75 c. $23,000 favorable The amount of the direct materials quantity variance is: d. $22,000 favorable a. $875 favorable variance b. $850 unfavorable variance c. $850 favorable variance d. $875 unfavorable variance

The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are: Standard Costs: Direct materials -2,500 kilograms @ $8.50 Actual Costs: The following data relate to direct labor costs for the current period: Standard costs 36,000 hours at $22.00 Actual costs 35,000 hours at $23.00 What is the direct labor time variance? a. $36,000 unfavorable b. $35,000 unfavorable Direct materials - 2,603 kilograms @ $8.75 c. $23,000 favorable The amount of the direct materials quantity variance is: d. $22,000 favorable a. $875 favorable variance b. $850 unfavorable variance c. $850 favorable variance d. $875 unfavorable variance

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 standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are: Standard Costs: Direct materials -2,500 kilograms @ $8.50 Actual Costs: The following data relate to direct labor costs for the current period: Standard costs 36,000 hours at $22.00 Actual costs 35,000 hours at $23.00 What is the direct labor time variance? a. $36,000 unfavorable b. $35,000 unfavorable Direct materials - 2,603 kilograms @ $8.75 c. $23,000 favorable The amount of the direct materials quantity variance is: d. $22,000 favorable a. $875 favorable variance b. $850 unfavorable variance c. $850 favorable variance d. $875 unfavorable variance
Transcribed Image Text:The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are: Standard Costs: Direct materials -2,500 kilograms @ $8.50 Actual Costs: The following data relate to direct labor costs for the current period: Standard costs 36,000 hours at $22.00 Actual costs 35,000 hours at $23.00 What is the direct labor time variance? a. $36,000 unfavorable b. $35,000 unfavorable Direct materials - 2,603 kilograms @ $8.75 c. $23,000 favorable The amount of the direct materials quantity variance is: d. $22,000 favorable a. $875 favorable variance b. $850 unfavorable variance c. $850 favorable variance d. $875 unfavorable variance
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