Reference no: EM132572112

Finch Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product:

Materials quantity per unit 1pound

Materials price$5.50per pound

Labor quantity per unit 2hours

Labor price$9.50per hour

During the year, the company made 1,900 units of product. At the end of the year, the following variances had been calculated.

Materials usage variance $715Favorable

Materials price variance $177Unfavorable

Labor usage variance $2,375Unfavorable

Labor price variance $2,430Favorable

Required

Question 1: Determine the actual amount of materials used.

Question 2: Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.)

Question 3: Determine the actual labor hours used.

Question 4: Determine the actual labor price per hour. (Round your answer to 2 decimal places.)