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Question - Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:
Standard Quantity or Hours
Standard Price or Rate
Standard Cost
Direct materials
7.00 pounds
$2.20 per pound
$15.40
Direct labor
0.45 hours
$7.00 per hour
$3.15
During the most recent month: the following activity was recorded:
a. Nineteen thousand five hundred pounds of material were purchased at a cost of $2.10 per pound.
b. All of the material purchased was used to produce 2,500 units of Zoom.
c. 1,025 hours of direct labor time were recorded at a total labor cost of $9,225.
Required -
1. Compute the materials price and quantity variances for the month.
2. Compute the labor rate and efficiency variances for the month.
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