Determine the materials price variance

Assignment Help Cost Accounting

Reference no: EM134028

Question :

A firm has established standards as given:

Direct material 3 pounds @ $4/pound = $12 per unit

Direct labor 2 hours @ $8/hour = $16 per unit

Variable overhead 2 hours @ $5/hour = $10 per unit

Actual production figures for the past year were as given:

Units produced 500

Direct materials used 1600 pounds

Direct material purchased (1,600 pounds) $6,560

Direct labor cost (950 hours) $7790

Variable overhead cost incurred $4655

Required:

Determine the materials price variance (amount and favorable or unfavorable)?

Evaluate materials quantity variance (amount and favorable or unfavorable)?

Determine the labor rate variance (amount and favorable or unfavorable)?

Evaluate the labor efficiency variance (amount and favorable or unfavorable)?

Reference no: EM134028

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