Question
Walton Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials
Walton Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product:
Materials quantity per unit | 1 | pound |
---|---|---|
Materials price | $ 6.70 | per pound |
Labor quantity per unit | 2 | hours |
Labor price | $ 10.70 | per hour |
During the year, the company made 2,140 units of product. At the end of the year, the following variances had been calculated.
Materials usage variance | $ 1,675 | Favorable |
---|---|---|
Materials price variance | $ 189 | Unfavorable |
Labor usage variance | $ 3,959 | Unfavorable |
Labor price variance | $ 3,720 | Favorable |
Required
Determine the actual amount of materials used.
Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.)
Determine the actual labor hours used.
Determine the actual labor price per hour. (Round your answer to 2 decimal places.)
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