Reference no: EM132983665
Question - Ravena Labs., Inc. makes a single product which has the following standards:
Direct materials: 2.5 ounces at $20 per ounce
Direct labor: 1.4 hours at $12.50 per hour
3,750 units of compound were produced during the month. There was no beginning direct materials inventory.
Direct materials purchased: 12,000 ounces for $225,000.
The ending direct materials inventory was 2,000 ounces. Direct labor-hours worked: 5,600 hours at a cost of $67,200.
Required - Show all calculations
1. Compute the materials price variance for October?
2. Compute the materials quantity variance for October?
3. Compute the labor efficiency variance for October?
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: The ending direct materials inventory was 2,000 ounces. Direct labor-hours worked 5,600 hours at a cost of $67,200. Compute materials price variance for October
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