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Please attach the work. Thanks in advance The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of
Please attach the work. Thanks in advance
The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,200 units. Compute the material price variance. 0 59,400U 59,400F 6,000U The following data relate to direct labor costs for the current period: Standard costs Actual costs 7,500 hours at $11,40 6,000 hours at $12,00 What is the direct labor time variance? $ 4,500 favorable $18,000 unfavorable $ 3,600 favorable $17,100 favorable Problems Finewood Cabinet Manufactures uses flexible budgets that are based on the following manufacturing data for the month of July: Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows: Actual costs 1,550 lbs. $9.10 Standard costs 1,600 lbs. $9.00 Determine the (a) quantity variance, (b) price variance, and (c) total direct materials cost varianceStep by Step Solution
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