Waterway Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (7 pounds at $1.60 per pound) Direct labor (1 hours at $10.00 per hour) $11.20 $10.00 During the month of April, the company manufactures 350 units and incurs the following actual costs. Direct materials purchased and used (2,000 pounds) Direct labor (370 hours) $3,600 $3,663

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Waterway Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (7 pounds at $1.60 per pound)
Direct labor (1 hours at $10.00 per hour)
$11.20
$10.00
During the month of April, the company manufactures 350 units and incurs the following actual costs.
Direct materials purchased and used (2,000 pounds)
Direct labor (370 hours)
$3,600
$3,663
Transcribed Image Text:Waterway Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (7 pounds at $1.60 per pound) Direct labor (1 hours at $10.00 per hour) $11.20 $10.00 During the month of April, the company manufactures 350 units and incurs the following actual costs. Direct materials purchased and used (2,000 pounds) Direct labor (370 hours) $3,600 $3,663
Compute the total, price, and quantity variances for materials and labor.
Total materials variance
Materials price variance
Materials quantity variance
Total labor variance
Labor price variance
Labor quantity variance
$
$
$
$
$
$
Transcribed Image Text:Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ $ $ $ $ $
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