Reference no: EM132548008
Yu Company produces and sells a special formula shampoo, marketed under the label of Classique. The firm uses a just in time inventory system. The standard costs for the direct materials and direct labor needed for each bottle of shampoo are as follows.
Direct materials 10 ounces multiply by $0.15 per ounce
Direct labor 0.4 hours multiply by $12 per hour
During the month of May, the company produced 32,000 bottles of shampoo and incurred the following actual direct manufacturing costs.
Purchases and usage of direct materials: 330,000 ounces at a total cost of $56,100
Usage of direct labor: 13,100 hours at a total cost of $159,820.
Required:
Question 1. What was the total direct manufacturing cost variance for the firm's May production performance?
Question 2. Compute the following cost variances:
a) Material price variance
b) Material quantity variance
c) Labor rate variance
d) Labor efficiency variance
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