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please help me understand how to work these practice problems. QS 23-7 (Algo) Direct materials variances LO P3 A company reports the following for one
please help me understand how to work these practice problems.
QS 23-7 (Algo) Direct materials variances LO P3 A company reports the following for one of its products. Direct materials standard (10 pounds @ $9 per pound) $ 90 per unit Actual units produced 20, 090 units Actual cost of direct materials used $ 1, 824, 306 Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Direct materials variance UnfavorableFor the current perlod, Kay Company's manufacturing operations show a $5,500 unfavorable direct materials price variance. The actual price per pound of material is $81; the standard price is $80.50 per pound. How many pounds of material were used in the current period? Actual pounds used poundsQS 23-12 (Algo) Direct labor rate and efficiency variances LO P3 A company shows a $24,000 unfavorable direct labor rate variance and a $14,000 unfavorable direct labor efficiency variance. The company's standard cost of direct labor is $390,000. What is the actual cost of direct labor? Actual cost of direct laborStep by Step Solution
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