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Question The standard cost sheet for Skyline Company's most popular product shows 3 pounds of material at $5.00 per pound and 1.5 hours at $24 per hour. During the most recent period, Skyline produced 500 units and incurred direct materials cost of $8,384 when it purchased 1.600 pounds and $17.480 for direct labor costs for 760 hours of labor. What is Skyline's labor quantity variance for the period? $240, unfavorable $760, favorable $520, favorable 55.480 unfavorable You Answered Correctly! The direct labor quantity variance measures the impact of the actual labor used being different from the standard labor allowed to be used on labor costs for a period. It is calculated by multiplying the difference between the standard labor that should be used and the actual labor used by the standard labor price. Skyline should have used 750 hours of labor to produce 500 units (500 units X 1.5 hours per unit). Since Skyline used 10 more hours and the standard price is $24 per hour, the direct labor quantity variance is $240 (S24 x 10) unfavorable. Question 15 KHUS The direct material (DM) price variance is $2,650 favorable and the DM usage variance is $3,000 unfavorable. The budgeted amount of DM for each unit of product is 2 lbs to be purchased at the standard price of $10 per pound 2,000 units were budgeted to be manufactured but the actual output was 2,500 units. (Assume material purchased equaled material used.) What was the actual price paid to purchase DM? S10.00 per pound $9.50 per pound S10.50 per pound $8.00 per pound You Answered Correctly! The standard amount of material to be used to produce 2,500 units is 5,000 lbs. (2,500 units x 2 lbs unit) The actual amount of material used is found by solving for the unknown variable in the DM usage variance formula: DM usage variance (actual quantity - standard quantity) budgeted price $3,000 - (Y-5,000 lbs.) S10 lb. 300 lbs. -Y-5.000 lbs. 5,300 lbs. -Y The actual price paid to purchase the direct material is found by solving for the unknown variable in the DM price variance formula: DM price variance (actual price - budgeted price) actual quantity -S2.650- (SY/lb.-S10 lb.) 5.300 lbs. -$2,650/5,300 lbs. - (SY/lb.-S10/lb.) -S0.50 lb. - (SY/lb.-S10 lb.) 59 SbY