Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Directmaterials(134,000pounds@$2.80perpound)Directlabor(30,600hours@$14.10perhour)$375,200431,460 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price
Directmaterials(134,000pounds@$2.80perpound)Directlabor(30,600hours@$14.10perhour)$375,200431,460 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Direct materials (15 pounds @ \$3 per pound) $45 Direct labor (3 hours @ \$14 per hour) 42 During May the company incurred the following actual costs to produce 8,700 units. Direct materials (134,000 pounds @ \$2.80 per pound) $375,200 Direct labor (30,600 hours @ \$14.10 per hour) 431,460 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, no variance. Round "Rate per hour" answers 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