Question
A company has the following information: Standard Quantity Standard Rate Direct materials 18 yards $0.05 per gallons Direct labor 1.2 hour $11.00 per hour The
A company has the following information:
Standard Quantity | Standard Rate | ||||
---|---|---|---|---|---|
Direct materials | 18 | yards | $0.05 | per gallons | |
Direct labor | 1.2 | hour | $11.00 | per hour |
The number of products sold is 380. The company used 6,800 yards of direct materials and paid $544). The company also used direct labor of 320 hours and paid $3,840.
Calculate the direct materials variances.
Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
Calculate direct labor variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your answers to nearest dollar amount.
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