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Compute the material variance

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Reference no: EM132576632

Standard Costing

Elphy company produces plastic toys. The unit for costing purposes is a case of 36 toys. The following standards for producing 1 case of toys have been established:

Direct materials (10 pounds @ $ 1,8) $ 18

Direct labor (3 hours @ $ 10) $ 30

During November, 150.000 pounds of materials were purchased and used in production. There were 10.000 cases produced, with the following actual cost:

Direct materials $ 225.000

Direct labor $ 350.000 (for 25.000 hours)

Required:

Question 1. Compute the material variance: Material Price Variance and Material Usage Variance, labeling each variance as favorable or unfavorable!

Question 2. Compute the labor variance: Labor Rate Variance and Labor Efficiency Variance, labeling each variance as favorable or unfavorable!

Reference no: EM132576632

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