Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of

Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product:

Actual Costs Standard Costs
Direct material 11,700 lbs. @ $5.30 12,000 lbs. @ $5.10
Direct labor 18,600 hrs. @ $8.40 18,000 hrs. @ $8.70

Determine the following variances:

Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.

Materials Variances
Actual cost: $Answer
Split cost: $Answer
Standard cost: $Answer
a. Materials price $Answer AnswerFU
b. Materials efficiency $Answer AnswerFU

Labor Variances
Actual cost: $Answer
Split cost: $Answer
Standard cost: $Answer
c. Labor rate $Answer AnswerFU
d. Labor efficieny $Answer AnswerFU

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Hong Kong Auditing Economic Theory And Practice

Authors: Ferdinand A Gul

2nd Edition

9629371413, 978-9629371418

More Books

Students also viewed these Accounting questions