Data set #7 Inputs: Data Section: Materials price variance input Actual cost of material per pound (ounce, etc.) Standard cost of mat. per pound (ounce, etc.) $15.90 $16.00 Materials quantity variance input Actual quantity of materials used Standard quantity of mat. used for actual output 39,500 38,000 Labor rate variance input Actual cost of labor per hour Standard cost of labor per hour $8.05 $8.00 Labor efficiency variance input Actual quantity of hours incurred Standard quantity of hours for actual output 44,000 45,600 Check figure (Total materials and labor variances): '$9,450 fo F B B C D D E E A 6 Data Section: 7 8 Materials price variance input 9 Actual cost of material per pound (ounce, etc.) $15.90 10 Standard cost of mat. per pound (ounce, etc.) $16.00 11 12 Materials quantity variance input 13 Actual quantity of materials used 39,500 14 Standard quantity of mat. used for actual output 38,000 15 16 Labor rate variance input 17 Actual cost of labor per hour $8.05 1 18 Standard cost of labor per hour 88.00 2 19 320 Labor efficiency variance input 21 Actual quantity of hours incurred 44,000 25 22 Standard quantity of hours for actual output 45,600 23 27 24 20 25 Answer Section: Indicate 26 For U only 30 27 31 28 Material price variance FORMULA1 SELECT ONE 32 29 Material quantity variance FORMULA2 SELECT ONE 30 31 Total materials variance FORMULA3 SELECT ONE 35 33 Labor rate variance FORMULA SELECT ONE 37 31 Labor efficiency variance FORMULAS SELECT ONE 35 36 Total labor variance FORMULAG SELECT ONE 40 37 38 Total materials and labor variances FORMULAZ 39 26 29 34 32 38 40 42 43 44 45 42 4 DIRVAR Current ORIGINAL Ready