Drake Corporation is a manufacturing company that uses a standard costing system Standard costs for one unit of their product is as follows Material Standards 4 lbs of materials at a price of $2 50 per lb Labor Standards 3 hours at a labor rate of $18 per hour The company purchased 70,000 lbs of materials during the month for $171,500 The company used 65,000 lbs in their production of 16,000 units The company incurred 47,000 direct labor hours at a cost of $822,500 What is the direct material price variance A $3,500 Unfavorable B $3,250 Favorable C $3,250 Unfavorable D $3,500 Favorable Reset Selection Question 14 of 474 Points Drake Corporation is a manufacturing company that uses a standard costing system Standard costs for one unit of their product is as follows Material Standards 4 lbs of materials at a price of $2 50 per lb Labor Standards 3 hours at a labor rate of $18 per hour The company purchased 70,000 lbs of materials during the month for $171,500 The company used 65,000 lbs in their production of 16,000 units The company incurred 47,000 direct labor hours at a cost of $822,500 What is the direct material usage variance A $2,450 Unfavorable B $2,500 Favorable C $2,450 Favorable D $2,500 Unfavorable Reset Selection Question 15 of 474 Points Drake Corporation is a manufacturing company that uses a standard costing system Standard costs for one unit of their product is as follows Material Standards 4 lbs of materials at a price of $2 50 per lb Labor Standards 3 hours at a labor rate of $18 per hour The company purchased 70,000 lbs of materials during the month for $171,500 The company used 65,000 lbs in their production of 16,000 units The company incurred 47,000 direct labor hours at a cost of $822,500 What is the direct labor rate variance A $23,500 Unfavorable B $24,000 Favorable C $24,000 Unfavorable D $23,500 Favorable Reset Selection Question 16 of 474 Points Drake Corporation is a manufacturing company that uses a standard costing system Standard costs for one unit of their product is as follows Material Standards 4 lbs of materials at a price of $2 50 per lb Labor Standards 3 hours at a labor rate of $18 per hour The company purchased 70,000 lbs of materials during the month for $171,500 The company used 65,000 lbs in their production of 16,000 units The company incurred 47,000 direct labor hours at a cost of $822,500 What is the direct labor efficiency variance A $17,500 Favorable B $17,500 Unfavorable C $18,000 Favorable D $18,000 Unfavorable

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Posted on Jul 09, 2024

Drake Corporation is a manufacturing company that uses a standard costing system. Standard costs for one unit of their product is as follows: Material Standards:

Drake Corporation is a manufacturing company that uses a standard costing system. Standard costs for one unit of their product is as follows: Material Standards: 4 lbs of materials at a price of $2.50 per lb. Labor Standards: 3 hours at a labor rate of $18 per hour. The company purchased 70,000 lbs. of materials during the month for $171,500. The company used 65,000 lbs. in their production of 16,000 units. The company incurred 47,000 direct labor hours at a cost of $822,500. What is the direct material price variance?