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Thomas Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at
Thomas Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (6 pounds at $1.60 per pound) | $9.60 | |
Direct labor (4 hours at $12.00 per hour) | $48.00 |
During the month of April, the company manufactures 250 units and incurs the following actual costs.
Direct materials purchased and used (1,800 pounds) | $4,140 | |
Direct labor (1,200 hours) | $8,880 |
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 variance | $ |
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