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Compute the direct materials price and efficiency variances

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Question - Seaview Technologies Ltd. manufactures deep-sea diving equipment. A deep-sea dive suit requires the following:

Direct materials standard 2 square metres at $13.50 per metre

Direct manufacturing labour standard 1.5 hours at $20.00 per hour

During the third quarter, the company made 1,500 suites and used 3,150 square metres of material costing $39,375. Direct labour totaled 2,100 hours for $45,150. (14)

Required -

a. Compute the direct materials price and efficiency variances for the quarter.

b. Compute the direct manufacturing labour rate and efficiency variances for the quarter.

c. Prepare the journal entries needed for the above transactions. Journal entries for the variance write-offs are not required.

Reference no: EM132707994

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