Direct materials and direct labor variance analysis

Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has $30$ employees. Each employee presently provides $35$ hours of labor per week. Information about a production week is as follows:

Line Item Description

Standard number of lbs$.$ of brass

Standard price per lb$.$ of brass

Standard wage per hr$.$

Standard labor time per faucet

Actual price per lb$.$ of brass

Actual lbs$.$ of brass used during the week

Number of faucets produced during the week

Actual wage per hr$.$

Actual hrs$.$ for the week $(30$ employees $35$ hours$)$

Value

$2\mathrm{.}1lbs.$

$$11\mathrm{.}00$

$$11\mathrm{.}40$

$10$min.

$$11\mathrm{.}25$

$18,169$ lbs$.$

$8,400$

$$11\mathrm{.}74$

$1,050$

Required:

a$.$ Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places.

Line Item Description

Direct materials standard cost per unit

Direct labor standard cost per unit

Total standard cost per unit

Cost per Unit

$

fill in the blank $1$

$

fill in the blank $2$

$

fill in the blank $3$

b$.$ Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

$\backslash$table$[[$Line$-$Item Description,Amount,Variance$],[$Direct Materials Price Variance,$$,$Favorable$],[$Direct Materials Quantity Variance,fill in the blank $4,$Unfavorable$],[$Total Direct Materials Cost Variance,$$,$Favorable$],[,$fill in the blank $6,$Unfavorable$],[,$fill in the blank $8,$Unfavorable$],[,,]]$

c$.$ Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Line Item Description

Direct Labor Rate Variance

Amount

$

Variance

Favorable

$\backslash$table$[[$fill in the blank,Unfavorable$],[10,$Favorable$],[$$$,$Unfavorable$],[$fill in the blank,$],[12,$Favorable$],[$$$,$Unfavorable$],[$fill in the blank,$],[14,]]$