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how do you calculate material variances, material price variances, material quality variances? Calculate labor variances, labor rate variance, and labor efficiency variance? I would like
how do you calculate material variances, material price variances, material quality variances? Calculate labor variances, labor rate variance, and labor efficiency variance? I would like to know these formulas and how to solve.
Actual Total Cost of Direct Materials | $ 225,000 | |
Standard Total Cost of Direct Materials | $ 224,800 | |
Actual Materials Used | 30 | |
Standard Materials Used | 31 | |
Actual Direct Labor Rate | $ 15.50 | |
Standard Labor Rate | $ 15.00 | |
Actual Hours Worked | 45 | |
Standard Hours Worked | 40 | |
Amount | Favorable/ Unfavorable | |
Calculate Materials Variances: | ||
Materials Price Variance | $ | |
Materials Quantity Variance | $ | F |
Calculate Labor Variances: | ||
Labor Rate Variance | $ | |
Labor Efficiency Variance | $ |
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