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Compute the direct materials price and quantity

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Question - The following information describes actual production activities of the Cheers Corp.:

Raw materials used 12,000 lbs. at $2.50 per lb.

Factory payroll 3,500 hours for a total of $45,500

15,000 units were completed during the year

Budgeted standards for each unit produced:

1 lb. of raw material at $2.10 per lb.

30 minutes of direct labor at $12.75 per hour

Required - Compute the direct materials price and quantity and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.

Reference no: EM132849800

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