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H J M K 1 E26.7 Compute materials and labor variances 2 Levine Inc. which produces a single product, has prepared the following standard cost sheet 3 for one unit of the product. 4 5 Direct materials (8 pounds at $2.50 per pound) $20 6 Direct labor (3 hours at $12 per hour) $36 7 8 During the month of April, the company manufactures 230 units and incurs the following 9 actual costs. 10 Direct materials purchased and used (1,900 pounds) $5,035 Direct labor (700 hours) $8,120 2 3 Instructions 4 Compute the total, price, and quantity variances for materials and labor. 5 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with 5 M 19 (a) 20 Total Materials Variance: ( AQ AP ( Value Value ? minus ? 21 ) ) minus minus Value ( ( SQ Value SP) Value ) ) 22 23 24 25 26 27 8 3 Materials price variance: ( AQ x AP Value x Value ? minus ? ) :) minus minus Value ( ( AQ Value X SP Value ) ) = Materials quantity variance: ( AQ x SP ( Value Value ? minus ? ) ) minus minus Value ( ( SQ Value x x SP Value ) ) = = M 36 37 (b) 38 Total Labor Variance: ( AH AR ( Value Value ? minus ? 39 ) ) minus minus Value ( ( SH Value SR Value ) ) 40 41 42 43 Labor Price variance: ( AH ( Value ? minus ) 45 AR Value ? minus minus Value ( ( AH Value SR Value ) ) 46 47 48 49 50 51 Labor quantity variance: ( AH X SR ( Value Value ? minus ? ) ) minus minus Value ( ( SH Value x SR Value ) ) 10 = 52 53 54 E26.2 E26.5 E26.7 P26.2A CD26 +