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Compute the direct-material purchase price variance

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Reference no: EM133066691

Question - During May, Joliet Fabrics corporation manufactured 500 units of a special multilayer fabric with the trade name Stylex. The following information from the StyleX production also pertains to May.

Direct material purchased 18,000 yds @ 1.38 per yard $24,840

Direct material used 9,500 yds @ 1.38 per yard $13,110

Direct Labor 2,100 hrs @ 1.95 per hour $19,215

The standard prime cost for I unit of StyleX is as follows:

Direct Material 20 yds @ 1.35 per yard $27

Direct Labor 4 hrs @ $9.00 per yard $36

Total Standard Prime cost per unit of output $63

Required - Compute the following variance for the month of May, indicating weather each variance is favorable or unfavorable.

1. Direct-Material price variance

2. Direct-Material quantity variance

3. Direct-material purchase price variance

4. Direct-Labor rate variance

5. Direct-labor efficiency variance

5. Direct-labor efficiency variance

Reference no: EM133066691

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