Price variance:
Actual price
Standard price
Variance
Actual quantity
Direct materials price variance(favorable) unfavorable
Quantity variance:
Actual quantity used (lbs.)
Standard quantity used (lbs.)
Variance (lbs.)
Standard price
Direct materials quantity variance(favorable) unfavorable
Total direct materials cost variance(favorable) unfavorable

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1,000 hrs. Determine (a) the standard cost per unit for direct materials and direct labor; (b) the price variance, quantity variance, and total direct materials cost variance; and (c) the rate I'm Really Cold Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made available: Actual hrs, for the week Instructions variance, time variance, and total direct labor cost variance. PR 23-2B Flexible budgeting and variance analysis OBJ. 1, 2, 3 OU Filler Liner Standard labor time Standard Amount per Unit Women's Coats Men's Coats 4.0 lb 5.2 lb. 7.0 yds. 9.4 yds. 0.40 hr. 0.50 hr. Standard Price per Unit $2.00 per lb. 8.00 per yd. Men's Coats 6,200 units $13.00 per hr. Women's Coats Planned production 5,000 units Standard labor rate $14.00 per hr. inventories of filler and lining material. at the end of the budget year, I'm Really cold I'm Really Cold Coat Company does not expect there to be any beginning or ending Coat Company experienced the following actual results: Women's Coats Men's Coats Actual production 4,400 5,800 Actual Price per Unit Actual Quantity Purchased and Used Filler $1.90 per lb. 48,000 Liner 8.20 per yd. 85,100 Actual Labor Rate Actual Labor Hours Used Women's coats $14.10 per hr. 1,825 Men's coats 13.30 per hr 2,800 The expected beginning inventory and desired ending inventory were realized. Instructions 1. Prepare the following variance analyses for both coats and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price, quantity, and total variance b. Direct labor rate, time, and total variance Why are the standard amounts in part (1) based on the actual production at the end of the year instead of the planned production at the beginning of the year 2