BASE DATA: Budgeted (Std) Quantity of Direct Materials for Production 960 Budgeted (Std) Price of Direct Materials
Question:
BASE DATA: Budgeted (Std) Quantity of Direct Materials for Production 960
Budgeted (Std) Price of Direct Materials per Pound $1,955.00
Budgeted (Std) Quantity of Direct Labor Hours Used for Production 829
Budgeted (Std) Price of Direct Labor per Hour $849.00
Budgeted (std) Units Produced and Sold 19,121
Actual Quantity of Direct Materials Used for Production 944
Actual Price of Direct Materials per Pound $1,812.00
Actual Quantity of Direct Labor Hours Used for Production 832
Actual Price of Direct Labor per Hour $852.00
Note:It takes one unit of direct materials to make one production unit.
WITH THE ABOVE DATA SOLVE THE FOLLOWING QUESTIONS REGARDING YOUR PRODUCT:
QUESTION ONE
What is the Direct Manufacturing Labor Price Variance?
Record answer in dollars and cents here
Record whether above answer is "favorable" or "unfavorable here
QUESTION 2 What is the Direct Manufacturing Material Price Variance?
Record answer in dollars and cents here
Record whether above answer is "favorable" or "unfavorable here
QUESTION 3 What is the Direct Manufacturing Labor Efficiency Variance?
Record answer in dollars and cents
Record whether above answer is "favorable" or "unfavorable here
mention formula too.
Cornerstones of Cost Management
ISBN: 978-1111824402
2nd edition
Authors: Don R. Hansen, Maryanne M. Mowen