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At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The actual results for the
At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:
The actual results for the year are as follows:
a Units produced:
b Materials purchased: pounds @ $
c Materials used: pounds.
d Direct labor: hours @ $
Required:
Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.
Material price variance
$
Material usage variance
Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.
Labor rate variance
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