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hey , need some help with my homework please E10-33: p. 462 Exercise 10-33 Materials and Labor Variances At the beginning of the year, Shults

hey , need some help with my homework please

E10-33: p. 462

Exercise 10-33 Materials and Labor Variances

At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products:

Direct materials (6 lbs. @ $5)

$30.00

Direct labor (2 hrs. @ $12)

24.00

Standard prime cost per unit

$54.00

The actual results for the year are as follows:

  • a.Units produced: 350,000.
  • b.Materials purchased: 1,860,000 pounds @ $5.10.
  • c.Materials used: 1,850,000 pounds.
  • d.Direct labor: 725,000 hours @ $11.85.

Required:

  • 1.Compute price and usage variances for materials.
  • 2.Compute the labor rate and labor efficiency variances.

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