A company uses a standard cost system one of the most

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Reference no: EM13482450

A company uses a standard cost system. One of the most popular products is a center that houses electronic units. The per-unit standard costs of the center, assuming a "normal"volume of 1,000 units per month asre as follows;

direct materials, 100 board-feet of wood at $1.30 perfoot................ $130.00

direct labor, 5 hours at $8.00 perhour.............................................. 40.00

manufacturing overhead (applied at $22 perunit)..............................

fixed ($15,000/1,000units of normal production0...........$15.00

variable........................................................................... 7.00 22.00

totalstandard unitcost................................................ $ 192.00

During July, 800 centers were scheduled and produced at thefollowing unit costs:

direct materials, 100 fee at $1.20 perfoot..................................... $132.00

direct labor, 5 1/2 hours at $7.80 perhour.................................... 42.90

manufacturing overhead, $18,480 /800units................................. 23.10

total actual unitcost.................................................................. $198.00

Compute the following cost for the month of July:

1. materials price variance

2. materials quantity variance

3. labor rate variance

Reference no: EM13482450

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