Reference no: EM132933019
Question - Upstate Manufactures a product that has the following standard costs:
Direct materials: 40 yards at P 2.70 per yard P 108
Direct labor: 8 hours at P 18.00 per hour 144
Total P 252
The following information pertains to July:
Direct materials purchased: 42,500 yards at P 2.78 per yard, or P 118,150.00;
Direct material used: 36,000 yards
Direct labor: 7,500 hours at P 18.30 per hour, or P 137,250
Actual completed production: 1,050 units
Required - Calculate the direct-material price and quantity variances and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.
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