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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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