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Compute materials quantity variance

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Reference no: EM132787150

Topline surf Boards manufactures a single product. The standard cost of one unit of this product is as follows

Direct materials 6 feet at $1                                      $6

Direct labor: 1 hour at $ 4.50                                  $4.50

Variable manufacturing overhead: 1 hour at $ 3.            $3.00

Total standard variable cost per unit $13.5

During October 6000 units were produced. Selected cost data relating to the month's production is as follows

Material purchased: 60000 feet at $0.95 per feet           $57000

Materials used in production: 38000 feet                        ?

Direct labor? Hour at $? Per hour                             27950

Variable manufacturing overhead cost incurred        $20475

Required:

Problem 1: Compute

a. Materials quantity variance

b. Materials price variance

c. Labor efficiency variance

d. Labor rate variance

Reference no: EM132787150

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