The standard costs for product AX14 are: Direct materials: 40 yards at $3.70 per yard $148 Direct
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Question:
The standard costs for product AX14 are:
Direct materials: 40 yards at $3.70 per yard | $148 |
Direct labor: 7 hours at $18.00 per hour | 126 |
Total | $274 |
The following information pertains to August: Direct material purchased and used: 42,500 yards for $148,750 Direct labor: 7,500 hours for $136,500 Actual completed production: 1,050 units Required: Calculate the following variances:
A) direct-material purchase price variance, B) direct-material quantity variance, C)direct-labor rate variance and D) direct-labor efficiency variance. Indicate whether each variance is favorable or unfavorable.
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