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Calculate the direct materials quantity variance

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Problem - Bronco Chemical uses a standard cost system to account for the costs of its production of Chemical X. As per the standard cost card, standards for direct material and direct labor are: Direct material: 2.2 gallons at $113 per gallon, and Direct labor: 18 hours of labor at a standard wage rate of $20. During September, Bronco produced 2,850 gallons of Chemical X. During September, Bronco purchased and used 3,650 gallons of direct material at a total cost of $415,180 and used 25,830 hours of direct labor for a total labor cost of $310,730.

Required -

a. Calculate the direct materials price variance.

b. Calculate the direct materials quantity variance.

c. Calculate the direct labor rate variance.

Reference no: EM132613409

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