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.)
a. Actual quantity b. Actual price (materials) c. Actual labor hours d. Actual labor price pounds per pound per hourStep by Step Solution
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