Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer ASAP, and if answer is correct, I will leave a thumbs up Jay Levitt Company budgeted the following cost standards for the current
Please answer ASAP, and if answer is correct, I will leave a thumbs up
Jay Levitt Company budgeted the following cost standards for the current year: Direct materials (2 kg of plastic at $6 per kilogram) Direct labour (2 hours at $12 per hour) Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit $12.00 24.00 10.00 7.30 $53.30 Actual costs for producing 2,680 units were as follows: Direct materials used Direct materials purchased (6,480 kg) Direct labour (6,850 hours) Variable manufacturing costs Fixed manufacturing costs 5,580 kg $37,584 $65,760 $32,100 $17,300 Calculate the materials price variance for materials purchased. Materials price variance $ Calculate the materials quantity variance. Materials quantity variance $ Calculate the labour price variance. (Round answer to the nearest whole dollar, e.g. 5,275.) Labour price variance $ Calculate the labour quantity variance. Labour quantity variance $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started