Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please provide information to fill in the boxs with. also explain which numbers go into which. Creating the table would be the easiest way. Lucia

please provide information to fill in the boxs with.
also explain which numbers go into which. Creating the table would be the easiest way.
image text in transcribed
image text in transcribed
image text in transcribed
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct naterials ( 15 pounds e $4 per pound) 560 Direct labor (4 hours $16 per hour) 64 During May the company incurred the following actual costs to produce 8,300 units. Direct materials (126,600 pounds $3.80 per pound) \$ 481,080 Direct labor (36,300 hours e $16.10 per hour) 584,430 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Glencoe Accounting

Authors: McGraw-Hill

1st Edition

0021400881, 9780021400881

More Books

Students also viewed these Accounting questions

Question

evaluate signs to determine their value on communication.

Answered: 1 week ago