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Question - The direct materials and direct labor standards for one bottle of Clean-All spray cleaner are given below:
Standard Quantity or Hours
Standard Price or Rate
Standard Cost
Direct materials
7.0 millilitres
$0.32 per millilitres
$2.24
Direct labour
0.2 hours
$12.00 per hour
$2.40
During the most recent month, the following activity was recorded:
a. 29,000 millilitres of material was purchased at a cost of $0.27 per milliliter.
b. The company produced only 2,000 bottles, using 25,000 millilitres of material. (The rest of the material purchased remained in raw materials inventory.)
c. 725 hours of direct labour time was recorded at a total labour cost of $8,700.
Required - Compute the direct materials price and quantity variances for the month.
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