During May, Joliet Fabrics corporation manufactured 500 units of a special multilayer fabric with the trade name
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Question:
During May, Joliet Fabrics corporation manufactured 500 units of a special multilayer fabric with the trade name Stylex. The following information from the StyleX production also pertains to May. | |
Direct material purchased 18,000 yds @ 1.38 per yard | $24,840 |
Direct material used 9,500 yds @ 1.38 per yard | $13,110 |
Direct Labor 2,100 hrs @ 1.95 per hour | $19,215 |
The standard prime cost for I unit of StyleX is as follows: | |
Direct Material 20 yds @ 1.35 per yard | $27 |
Direct Labor 4 hrs @ $9.00 per yard | $36 |
Total Standard Prime cost per unit of output | $63 |
Required: | |
Compute the following variance for the month of May, indicating wether each variance is favorable or unfavarable. | |
1. Direct-Material price variance | |
2. Direct-Material quantity variance | |
3. Direct-material purchase price variance | |
4. Direct-Labor rate variance | |
5. Direct-labor efficiency variance | |
5. Direct-labor efficiency variance |
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