Compute the labor rate and efficiency variances

Assignment Help Financial Accounting

Reference no: EM131140095

Problem 1:-

	Standard Quantity or Hours	Standard Price or Rate
Direct materials	6.8 pounds	$ 2.90 per pound
Direct labor	0.2 hours	$ 9 per hour
During the most recent month, the following activity was recorded:

a.	15,100 pounds of material were purchased at a cost of $2.60 per pound.
b.	All of the material purchased was used to produce 2,000 units of Zoom.
c.	300 hours of direct labor time were recorded at a total labor cost of $3,300.

Required:
1. Compute the materials price and quantity variances for the month.
2. Compute the labor rate and efficiency variances for the month.

Reference no: EM131140095

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