Question
It has to do with material price variance, material quantity variance, labor rate variance, and labor efficiency variance. Please show your work. Thank you for
It has to do with material price variance, material quantity variance, labor rate variance, and labor efficiency variance. Please show your work. Thank you for your help in advance.
$225,000 Actual cost of direct materials
$224,000 Standard cost of direct materials
30 Actual materials used
31 Standard materials used
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$15.50 Actual direct labor rate
$15.00 Standard labor rate
45 Actual hours worked
40 Standard hours worked
---
Amount Favorable/unfavorable
Materials price variance _________ _________
Materials quantity variance _________ _________
---
Amount Favorable/unfavorable
Labor rate variance _________ _________
Labor efficiency variance _________ _________
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