Reference no: EM132810093
Flint Bicycle Company manufacturers mass market bicycles that they sell to major chain retailers.
?????Standard per bicycle
Direct materials?:?2 tires/bicycle @ $1.25/tire
Direct labor??.5 hour of input at $30 per hour
?????Actual performance for February 2020
Actual number of bicycles manufactured 800
Material purchased and used ?1,620 tires at $1.20 per tire. Some were damaged during installation, and had to be thrown out.
Direct labor ??58,000 hours @ 31.10 per hour
Problem 1: The Material price variance is $____________________
Problem 2: The Material efficiency variance is