Reference no: EM132556617

Singularity Inc. produces and sells a single product. Standard cost information for the product follows:

Per unit of product:

Direct materials, 4 meters at $4.00 per meter ........ $ 16.00

Direct labor, 1.5 hours at $10.00 per hour ......... 15.00

Variable overhead, 1.5 hours at $3.00 per hour.... 4.50

Fixed overhead, 1.5 hours at $7.00 per hour ...... 10.50

Standard cost per unit .......................... $46.00

The company manufactured and sold 18,000 units of product during the year. A total of 70,200 meters of material was purchased during the year at cost of $4.20 per meter. All of this material was used to manufacture the 18,000 units. The company records showed no beginning or ending inventories for the year.

The company worked 29,250 direct labor-hours during the year at a cost of $9.75 per hour.

REQUIRED:

Question A. Compute the direct materials purchase price variance for the year.

Question B. Compute the direct material rate quantity variance for the year.

Question C. Compute the direct labor rate variance for the year.

Question D. Compute the direct labor efficiency variance for the year.