Question
Slyman Manufacturing Inc. has developed the following standards for one of its products. The materials are not substitutable. The records for March showed the following
Slyman Manufacturing Inc. has developed the following standards for one of its products. The materials are not substitutable.
The records for March showed the following actual results:
Required: (1) Calculate the following variances (a) Material purchase price variance for material 1 (b) Material quantity variance for material 1 (c) Material purchase price variance for material 2 (d) Material quantity variance for material 2 (e) Labor rate variance (f) Labor efficiency variance 2) Give at least one possible cause for each of the following variances: (a) material 2 quantity variance (b) labor rate variance (c) labor efficiency variance
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