Reference no: EM132758393
Question - Fausto Fabricators Inc. uses a standard cost system. The standards established for the product include the following:
Materials = 8 pounds @ $0.50 per pound
Labor = 6 hours @ $10.00 per hour
The following operating data from the records for the month:
Beginning In process = 0; Ending in process = 800 units, 80% complete to labor; material is issued at the beginning of processing
Completed during the month = 5,600 units
Materials issued to production were 51,680 pounds @ $0.55 per pound.
Direct labor was $384,000 for 40,000 hours worked.
Required - Using this information compute the materials quantity variance and compute the labor efficiency variance.
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