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Calculate the material price variance and the material usage

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Reference no: EM133078266

Question - Whitehorse Industries uses a standard cost system and uses the following standards for one unit of product.

 

Standard Quantity

Standard Price or Rate

Direct Materials

4 kg

$3.80 per kg

Direct Labor

2.25 Hours

$16.00 per Hour

In November 2021, Whitehorse purchased 70,000 kgs of direct material at a total cost of $273,000. The total factory wages for the month were $568,800. Whitehorse manufactured 15,000 units of product during May using 62,000 kgs of direct material and 36,000 direct labor-hours.

Required -

A) Compute the cost that should be incurred for the production of 15,000 units.

B) Calculate the material price variance and the material usage variance and label them as either "favourable" or "unfavourable".

C) Calculate the Direct Labor Rate variance and the Efficiency variance and label them as either "favourable" or "unfavourable".

Reference no: EM133078266

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