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During May, Joliet Fabrics Corporation manufactured 620 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex production
During May, Joliet Fabrics Corporation manufactured 620 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains to May. Direct material purchased: 19,200 yards at $1.50 per yard Direct material used: 10,700 yards at $1.50 per yard Direct labor: 3,300 hours at $9.27 per hour $ 28,800 16,050 30,591 The standard prime costs for one unit of Stylex are as follows: Direct material: 20 yards at $1.47 per yard $29.40 Direct labor: 4 hours at $9.00 per hour 36.00 Total standard prime cost per unit of output $65.40 Required: Compute the following variances for the month of May. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (.e., zero variance). 1. Direct-material price variance 2. Direct-material quantity variance 3. Direct-material purchase price variance Direct-labor rate variance 5. Direct-labor efficiency variance
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