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:

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.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 $21,450$ lbs$.$ @ $$5\mathrm{.}3022,000$ lbs$.$ @ $$5\mathrm{.}10$

Direct labor $34,100$ hrs$.$ @ $$8\mathrm{.}4033,000$ hrs$.$ @ $$8\mathrm{.}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 $1$

$0$

Split cost: Answer $2$

$0$

Standard cost: Answer $3$

$0$

a$.$ Materials price Answer $4$

$0$

Answer $5$

U

b$.$ Materials efficiency Answer $6$

$0$

Answer $7$

F

Labor Variances

Actual cost: Answer $8$

$0$

Split cost: Answer $9$

$0$

Standard cost: Answer $10$

$0$

c$.$ Labor rate Answer $11$

$0$

Answer $12$

F

d$.$ Labor efficieny Answer $13$

$0$

Answer $14$

U