Question
The following direct materials and direct labor data pertain to the operations of Lauren Company for the month of May. Costs Actual labor rate $13
The following direct materials and direct labor data pertain to the operations of Lauren Company for the month of May.
| Costs | |||
|---|---|---|---|
| Actual labor rate | $13 | per hour | |
| Actual materials price | $220 | per ton | |
| Standard labor rate | $12.50 | per hour | |
| Standard materials price | $224 | per ton | |
| Quantities | ||
|---|---|---|
| Actual hours incurred and used | 4,200 hours | |
| Actual quantity of materials purchased and used | 1,600 tons | |
| Standard hours used | 4,280 hours | |
| Standard quantity of materials used | 1,580 tons | |
(a) Compute the total, price, and quantity variances for materials and labor.
| Total materials variance | $ | UF, F, Neither | ||
|---|---|---|---|---|
| Materials price variance | $ | UF, F, Neither | ||
| Materials quantity variance | $ | UF, F, Neither | ||
| Total labor variance | $ | UF, F, Neither | ||
| Labor price variance | $ | UF, F, Neither | ||
| Labor quantity variance | $ |
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Electronic Data Processing Controls And Auditing
Authors: W.Thomas Porter
1st Edition
0534009336, 978-0534009335
