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What are the price and rate variances of direct materials

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Reference no: EM132603083

                                                                                     Direct materials                          Direct Labour

Actual price per unit of input (kg and hours)                     $32                                  $15

Standard price per unit of input                                      $30                                 $14

Standard input allowed per unit of output                           5kg                                 6 hours

Actual units of input                                                    36,000 kg                          50,000 hours

Actual units of output (product)                                           7,500                             7,500

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Question 1: Assume that the quantity of direct materials purchased, and the quantity used are identical. Given the above information, what are the price and rate variances of direct materials and direct labour respectively?

Reference no: EM132603083

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