Required information [The following information applies to the questions displayed below) A manufactured product has the following information for June. Standard Actual Direct materials 6 lbs. $8 per lb. 46,700 lbs. $5.20 per lb. Direct labor 3 hrs. 516 per hr 22,900 hrs. $16,40 per hr Overhead 3 hrs. $12 perhe $284,200 Units manufactured 7,700 Compute the direct materials price variance and the direct materials quantity variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ - Standard Quantity AP Actual Price SP Standard Price Actual Cost Standard Cost $ 0 $ 0 $ $ 0 0 Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost $ 0 $ 0 $ 0 0 Reed Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. $4 per 1b.) Direct labor (3 hrs. $15 per hr.) 560 45 During June the company incurred the following actual costs to poduce 8.200 units. Direct materials (125,100 lbs. $3.75 per 1b.) Direct laber (29,30 hrs a $15.15 per hr.). $469,125 443,895 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity varlances. Indicatqwhether each variance is favorable or unfavorable. Actual Cost Standard Cost Reque Required 2 > Complete this question by entering your answers in the tabs below. Required: Requied 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost (Required 1
