Question
Standard Quantity Standard Price Standard Rate Direct Materials 3 feet $5 per foot $15 During March, the company purchased direct materials at a cost of
Standard Quantity Standard Price Standard Rate
Direct Materials 3 feet $5 per foot $15
During March, the company purchased direct materials at a cost of $55,650, all of which were used in the production of 3,200 units of product. In addition, 4,900 hours of direct labor time were worked on the product during the month. The cost of this labor time was $36,750. The following variances have been computed for the month: Materials quantity variance: $4500 U Labor spending variance$1,650F Labor efficiency variance$800U How do I find the price variance and spending variance? |
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