The standard cost of product 777 includes 240 units of

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Reference no: EM13581632

1) The standard cost of product 777 includes 2.40 units of direct materials at $5.00 per unit. During August, the company bought 28,700 units of materials at $5.09 and used those materials to produce 12,300 units.

Compute the total, price, and quantity variances for materials.

Total materials variance	$	UnfavorableNeither favorable nor unfavorableFavorable
Materials price variance	$	Neither favorable nor unfavorableUnfavorableFavorable
Materials quantity variance	$	UnfavorableNeither favorable nor unfavorableFavorable

2) The standard cost of product 5252 includes 2.90 hours of direct labor at $14.00 per hour. The predetermined overhead rate is $22.00 per direct labor hour. During July, the company incurred 4,400 hours of direct labor at an average rate of $14.17 per hour and $80,800 of manufacturing overhead costs. It produced 1,500 units.

(a) Compute the total, price, and quantity variances for labor.

Total labor variance	$	Neither favorable nor unfavorableUnfavorableFavorable
Labor price variance	$	FavorableNeither favorable nor unfavorableUnfavorable
Labor quantity variance	$	Neither favorable nor unfavorableFavorableUnfavorable

(b) Compute the total overhead variance.

Total overhead variance

Neither favorable nor unfavorableUnfavorableFavorabl

Reference no: EM13581632

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