Reference no: EM1310029
Fort Wayne Fabricators, inc. uses a standard cost system to account for its single product. The standards established for the product include the following:
Materials ..........................8lbs. @ $0.05/lb
Labor.................................6hrs. @ $5.60/hr
The following operating data came from the records for the month:
In process, beginning inventory, none.
In process, ending inventory, 800 units, and 80% complete as 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 @ $0.045 per pound.
Direct labor was $215,840 at the rate of $5.68 per hour.
Required: Calculate the following variances
1.Materials price
2.Materials quantity
3.Net materials variance
4.Labor rate
5.Labor efficiency
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