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Compute the labor rate and labor efficiency variances

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Reference no: EM132116765

Problem - Materials and Labor Variances

At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products:

Direct materials (6 lbs. @ $5)

$30.00

Direct labor (2 hrs. @ $12)

24.00

Standard prime cost per unit

$54.00

The actual results for the year are as follows:

a. Units produced: 350,000.

b. Materials purchased: 1,860,000 pounds @ $5.10.

c. Materials used: 1,850,000 pounds.

d. Direct labor: 725,000 hours @ $11.85.

Required:

1. Compute price and usage variances for materials.

2. Compute the labor rate and labor efficiency variances.

Reference no: EM132116765

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