Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(a) Compute the total, price, and quantity variances for materials and labor. Total materials variance 4775 Unfavorable Materials price variance I 1500 Favorable 47751 7

image text in transcribedimage text in transcribed

(a) Compute the total, price, and quantity variances for materials and labor. Total materials variance 4775 Unfavorable Materials price variance I 1500 Favorable 47751 7 unfavorable 1500 Favorable 6275 Unfavorable 195 7 Unfavorable Materials quantity variance Unfavorable Total labor variance 1 95 Unfavorable Labor price variance 2000 Unfavorable Unta Labor quantity variance 805 Favorable Favorable Exercise 11-8 a Your answer is correct. The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $12 per hour $250 per ton $11.50 per hour $251 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,000 hours 1,500 tons 4,070 hours 1,475 tons (a) Compute the total, price, and quantity variances for materials and labor

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Management Control

Authors: Emmanuel

2nd Edition

186152272X, 978-1861522726

More Books

Students also viewed these Accounting questions