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please explain the steps on how you got the answers, thank you! During June, Fraser Company's material purchases amounted to 6,000 pounds at a price
please explain the steps on how you got the answers, thank you!
During June, Fraser Company's material purchases amounted to 6,000 pounds at a price of $7.35 per pound. Actual costs incurred in the production of 2,000 units were as follows: Direct labor: Direct material: $116,935 ($18.20 per hour) $32,340 ($7.35 per pound) The standards for ne unit of Fraser Company's product are as follows: Direct labor: Quantity: 3.1 hours per unit Direct material: Quantity: 2.1 pounds per unit Price: $7.10 per pound Rate: $18 per hour Required: Compute the direct-material price and quantity variances, the direct- material purchase price variance, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorableStep by Step Solution
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