Question
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 | $131 | per ton | |
Standard labor rate | $12 | per hour | |
Standard materials price | $134 | per ton |
Quantities | ||
Actual hours incurred and used | 3,502 hours | |
Actual quantity of materials purchased and used | 1,948 tons | |
Standard hours used | 3,562 hours | |
Standard quantity of materials used | 1,934 tons |
Compute the total, price, and quantity variances for materials and labor.
Total materials variance
Materials price variance
Materials quantity variance
Total labor variance
Labor price variance
Labor quantity varianceStep by Step Solution
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Total Material Variances SQ SR AQAR 1934134 1948 131 259156 255188 3968 ...Get Instant Access to Expert-Tailored Solutions
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