Question
Campbell Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials
Campbell 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 | 1 | pound | |
Materials price | $ | 5.30 | per pound |
Labor quantity per unit | 2 | hours | |
Labor price | $ | 9.30 | per hour |
During the year, the company made 1,860 units of product. At the end of the year, the following variances had been calculated.
Materials usage variance | $ | 583 | Favorable |
Materials price variance | $ | 175 | Unfavorable |
Labor usage variance | $ | 2,139 | Unfavorable |
Labor price variance | $ | 2,765 | Favorable |
Required
-
Determine the actual amount of materials used.
-
Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.)
-
Determine the actual labor hours used.
-
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