Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Baird Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials
Baird Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $5.10 per pound 2 hours $9.10 per hour During the year, the company made 1,820 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance Labor price variance 459 Favorable $ 173 Unfavorable $1,911 Unfavorable $3,080 Favorable Required a. Determine the actual amount of materials used. b. Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.) c. Determine the actual labor hours used. d. Determine the actual labor price per hour. (Round your answer to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started