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Question - Penobscot Company employs a standard cost system in which direct materials inventory is carried at standard cost. The company has established the following standards for the prime costs of one unit of product:
Standard Quantity
Standard Price
Standard Cost
Direct labor
2.6 hours
$44.00/hour
$114.40
Direct materials
12.0 pounds
$14.00/pound
168.00
During April, the company purchased 330,000 pounds of direct material at a total cost of $4,686,000. The total factory wages for April were $3,200,000, among those 90% were direct labor cost. The company manufactured 25,000 units of product during April using 302,000 pounds of direct material and 64,000 direct labor hours.
Required -
a) What is the price and quantity variance for the direct material acquired by the company during April?
b) What is the direct labor rate and efficiency variance for April?
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