Exercise 23-11 Direct materials and direct labor variances LO P3 Hutto Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (14 lbs. @ 54 per lb.) Direct labor (4 hrs. @ 516 per hr.) $56 54 During May the company incurred the following actual costs to produce 8,800 units. Direct materials (126, 100 lbs. $3.80 per lb.) Direct labor (38,400 hrs. $16.10 per hr.) $479, 180 618,240 AH - Actual Hours SH - Standard Hours 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 (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) 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.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable Actual Cost Standard Cont Direct materials (126, 100 lbs. 53.50 per lb.) Direct labor (38,400 hrs. $16.10 per hr.). $479, 180 618,240 AH = Actual Hours SH - Standard Hours 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 (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) 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.) Complete this question by entering your answers in the tabs below. Required: Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance in favorable or unfavorable, Actual CONT Standard Cost R Required 2 > YouTube Maps Yahoo Mail SD Board of Regent. MyState 02 O My Jacks Emad Ecom Supremacy Ecom Supremacy Logo 23 Additional Homework Saved Direct materials (126, 100 lbs. $3.80 per lb.) Direct labor (38,400 hrs. @ $16.10 per hr.) $479, 180 618,240 AH = Actual Hours SH - Standard Hours 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 (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) 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 "Rote per hour answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable Actual Cost Standard Cont