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Injin Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.50 per pound) ... $20 Direct labor (3 hours at $12.00 per hour) ....... $36

Injin Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (8 pounds at $2.50 per pound) ... $20

Direct labor (3 hours at $12.00 per hour) ....... $36

During the month of April, the company manufactures 230 units and incurs the following actual costs.

Direct materials purchased and used (1,900 pounds) .... $4,940

Direct labor (700 hours) ................ $8,120

Instructions

Compute the total, price, and quantity variances for materials and labor.


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Total materials variance AQ X AP 1900 X 260 4940 SQ X SP 1840 X 250 4600 340 U Materials price v…View the full answer


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Related Book For  answer-question
Accounting Principles

Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Details
Chapter # 25
Section: Exercises
Problem: 7
Posted Date: October 28, 2011 06:40:23
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