Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Law

Authors: Henry Cheeseman

10th Edition

0134728785, 978-0134728780

More Books

Students also viewed these Accounting questions