Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sheridan Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (9 pounds at

Sheridan Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (9 pounds at $3.80 per pound) $34.20

Direct labor (5 hours at $11.00 per hour) $55.00

During the month of April, the company manufactures 260 units and incurs the following actual costs.

Direct materials purchased and used (2,100 pounds) $8,190

Direct labor (1,310 hours) $14,148

Compute the total, price, and quantity variances for materials and labor.

Total materials variance $

Materials price variance $

Materials quantity variance $

Total labor variance $

Labor price variance $

Labor quantity variance $

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_2

Step: 3

blur-text-image_3

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

Advanced Financial Accounting

Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey

8th Edition

73526916, 978-0073526911

More Books

Students also viewed these Accounting questions

Question

The background knowledge of the interpreter

Answered: 1 week ago