Fort wayne fabricators inc uses a standard cost system to

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Reference no: EM13355615

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

Reference no: EM13355615

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