direct materials variance

Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. e $7 per lb. 2 hrs. $15 per hr. 2 hrs. e $11 per hr. Actual 46,700 lbs. @ $7.20 per lb. 15,000 hrs. @ $15.50 per hr. $174,900 7,700 Exercise 23-9 Direct materials variances LO P3 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP - Standard Price Standard Cost SQ X Actual Cost AQ 46,700 $ 336,240 AP 7.20 AQ 46,700 X x SP 7.00 $ SP 7.00 $ X $ $ 326,900 $ 9,340 $ Direct materials price variance Direct materials quantity variance Total direct materials variance $ 9,340 (Unfavorable ofUnfavorable Unfavorable Ch Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. $7 per lb. 2 hrs. $15 per hr. 2 hrs. @ $11 per hr. Actual 46,700 lbs. @ $7.20 per lb. 15,000 hrs. $15.50 per hr. $174,900 7,700 Exercise 23-10 Direct labor variances LO P3 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate Actual Cost Standard Cost X AH 15,000 SH AR $ 15.50 X AH 15,000 SR $ 15.00 SR $ 15.00 X $ 232,500 $ 225,000 $ 7,500 $ 0 Direct labor rate variance Direct labor efficiency variance Total direct labor variance $ 7,500 (Unfavorable O Favorable Unfavorable