Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 560 Direct materials (15 ibe. $4 per lb.) Direet labor (4 hrs. 514 per hr.) During May the company incurred the following actual costs to produce 8.400 units. Direct materials (120,300 158.93.80 per 1b.) Direct labor (38.500 hrs. . $14.10 per hr.). $487,540 540.030 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. (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 Cont AQ 128,300 AP $ 1.00 SP $ 4,00 Standard Cost SO X 126,000 X $ 504,000 SP $ 4.00 X X $ 513,200 128,300 $384,900 $ 9,200 Direct materials price variance Direct materials quantity variance Total direct materials variance $ 384,900 Favorable 9,200 Unfavorable Favorable spred Required 2 > (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. 17 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 Cost $ 0 $ 0 $ 0 0
