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The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate $13
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August.
Costs | |||
Actual labor rate | $13 | per hour | |
Actual materials price | $290 | per ton | |
Standard labor rate | $12.50 | per hour | |
Standard materials price | $292 | per ton |
Quantities | ||
Actual hours incurred and used | 4,200 hours | |
Actual quantity of materials purchased and used | 1,000 tons | |
Standard hours used | 4,290 hours | |
Standard quantity of materials used | 990 tons |
(a) Compute the total, price, and quantity variances for materials and labor.
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