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What is the total material variance

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Reference no: EM132869430

Question - Tim Company has the following information available for October when3,500 units were produced (round answers to the nearest dollar).

Standards:

Material 3.5 pounds per unit @ $4.50 per pound

Labor 5.0 hours per unit @ $10.25 per hour

Actual:

Material purchased 12,300 pounds @ $4.25

Material used 11,750 pounds

17,300 direct labor hours @ $10.20 per hour

Required -

1. What is the labor rate variance?

2. What is the labor efficiency variance?

3. What is the material price variance (based on quantity purchased)?

4. What is the material quantity variance?

5. Assume that the company computes the material price variance on the basis of material issued to production. What is the total material variance?

Reference no: EM132869430

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