Hodge & Bison Manufacturing production activities for the year is summarized in the table below. Actual...

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Hodge & Bison Manufacturing production activities for the year is summarized in the table below. Actual direct materials used Actual direct labor used Actual units produced 22,000 lbs. at $4.35 per lb. 6,575 hours for a total of $128,870 36,000 Budgeted standards for each unit produced are 0.50 pound of direct material at $4.30 per pound and 10 minutes of direct labor at $20.60 per hour. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) (2) Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Required 1 Required 2 Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Do not round intermediate calculations.) Actual Cost Standard Cost $ $ 0 $ Required 1 Required 2 > Required 1 Required 2 Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Do not round intermediate calculat Actual Cost Standard Cost $ Required 1 Required 2 > %24 %24 Hodge & Bison Manufacturing production activities for the year is summarized in the table below. Actual direct materials used Actual direct labor used Actual units produced 22,000 lbs. at $4.35 per lb. 6,575 hours for a total of $128,870 36,000 Budgeted standards for each unit produced are 0.50 pound of direct material at $4.30 per pound and 10 minutes of direct labor at $20.60 per hour. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) (2) Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Required 1 Required 2 Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Do not round intermediate calculations.) Actual Cost Standard Cost $ $ 0 $ Required 1 Required 2 > Required 1 Required 2 Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Do not round intermediate calculat Actual Cost Standard Cost $ Required 1 Required 2 > %24 %24

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Direct material variances Direct Material Price Variance Standard Rate Actual Rate Actual Quantity D... View the full answer