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Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $2 per lb.) Actual direct materials used (AQ) Actual finished
Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $2 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 8 per finished unit 320,000 lbs. 62,000 units $560,000 AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable or unfo Actual Cost Standard Cost A AP AQ X SP 320.000 x 320.000 1.75 20 S 12.00 $ 500 000 $ 840,000 $ 80.000 $ O $80.000 0 The following information describes a company's direct labor usage in a recent period. Actual direct labor hours used (AH) Actual direct labor rate per hour (AR) Standard direct labor rate per hour (SR) Standard direct labor hours for units produced (SH) 58,000 $ 16 $ 14 60,000 AH = Actual Hours SH - Standard Hours AR - Actual Rate SR = Standard Rate Compute the direct labor rate and efficiency variances for the period and classify each as favorable on Actual Cost Standard Cost 0 S Required Information [The following information applies to the questions displayed below.) Hart Company made 4,400 bookshelves using 34.000 board feet of wood costing $387,600. The company's direct materials standards for one bookshelf are 8 board feet of wood at $11.30 per board foot. (1) Compute the direct materials price and quantity variances incurred in manufacturing these bookshelves. AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost 0 $ 0 $ $ a
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