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Calculate the direct-material price and quantity variances

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Reference no: EM132751894

Maki, Inc. manufactures a product that has the following standard costs:

Direct materials: 40 yards at AED2.70 per yard

AED108

Direct labor: 8 hours at AED18.00 per hour

144

Total

AED252

The following information pertains to July:

Direct material purchased : 42,500 yards at AED2.78 per yard, or AED118,150

Direct material used : 36,000 yards

Direct labor : 7,500 hours at AED18.30 per hour, or AED137,250

Actual completed production : 1,050

Assume that the company computes variances at the earliest point in time.

Required:

Problem 1: Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.

Reference no: EM132751894

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