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How to calculate the direct materials quantity variance

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Reference no: EM132579564

Ferry Chemical uses a standard cost system to account for the costs of its production of Chemical X. Standards are 2.7 gallons of materials at $118 per gallon and 23 hours of labor at a standard wage rate of $25. During September, Ferry Chemical produced 3,100 gallons of Chemical X. Ferry Chemical purchased and used totaled 3,700 gallons at a total cost of $440,180. Payroll totaled $315,730 for 26,080 hours worked.

Question 1: Calculate the direct materials price variance.

Question 2: Calculate the direct materials quantity variance

Question 3: Calculate the direct labor rate variance.

Question 4: Calculate the direct labor efficiency variance.

Reference no: EM132579564

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