Reference no: EM13341795
(a) 46,800 × 5 ounces = 234,000 ounces ÷ 16 = 14,625 pounds
(b) SP per pound = $0.50 × 16 = $8.00
AP × AQ SP × AQ SP × SQ
Material Price Variance Material Usage Variance
Total Material Variance
(c) 46,800 units × 4/60 = 3,120 hours
(d) AP × AQ SP × AQ SP × SQ
Labor Rate Variance Labor Efficiency Variance
Total Labor Variance
(e) There are various interactions between the material price variance and the material usage and labor efficiency variances. Higher quality material may be more expensive (creating an unfavorable MPV) but would be easier to work with and provide fewer defective items (creating favorable MUV and LEV). Lower quality material may be less expensive (creating a favorable MPV) but create more defects and thus longer labor times (creating unfavorable MUV and LEV).
(f) There are various interactions between the labor rate variance and the labor efficiency variance. Higher wages (unfavorable LRV) may cause employees to work harder (favorable LEV). Also higher wages may be paid to more skilled employees who perform their tasks more quickly. The opposite situations are also possible.
5 oz of wood at 0.50 per ounce- 2.50
4 minutes of labor time at 9.00 per hour - 0.60
During July the company incurred the following costs to manufacture 46,800 holders
14,250 pounds of wood at 8.30 per pound 118,275
3,840 hours of labor time at 9.25 per hour 35,520
What is the standard quantity of material allowed for the actual production?
Compute the material price and quantity variances.
What are the standard hours of labor time allowed for the actual production?
Compute the labor rate and the efficiency variances
What relationship might exist between the material price variance and the material usage and labor efficiency variances?
What relationship might exist between the labor rate variance and the labor efficiency variance?
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