Te following data was obtained for a company that makes

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Reference no: EM13482150

The following data was obtained for a company that makes statues:Standard Inputs Expected For Each Unit of Output Standard Price Per Unit of Input

Direct material 5 pounds $12 per pound
Direct labor 1.5 hours $12 per hour
During the month of July, the company actually produced 1,000 statutes, which is 100 units less than
expected. Direct material purchased and used amounted to 5,500 pounds at a cost of $12.50 per pound.
Actual direct labor was 1,450 hours at an actual cost of $13.00 per hour.

Required:

A) Compute the price and quantity variances for direct materials.

B) Compute the price and quantity variances for direct labor.

Reference no: EM13482150

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