ABC Company provided the following information about its standard costing system for 2014 Standard Data Actual Data Materials 10 lbs $4 per lbs Produced 4,000 units Labor 3 hrs $22 per hr Materials purchased 50,000 lbs for $210,000 Budgeted production 3,500 units Materials used 41,000 lbs Labor wor...

Labor Price Variance Standard Rate Actual Rate22000011000 x ...

ABC Company provided the following information about its standard costing system for 2014: Standard Data Actual Data

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ABC Company provided the following information about its standard costing system for 2014:

Standard Data

Actual Data

Materials	10 lbs. @ $4 per lbs.	Produced	4,000 units
Labor	3 hrs. @ $22 per hr.	Materials purchased	50,000 lbs. for $210,000
Budgeted production	3,500 units	Materials used	41,000 lbs.
		Labor worked	11,000 hrs. costing $220,000

Instructions
Calculate the labor price variance and the labor quantity variance.

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Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078111044

16th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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Posted Date: Jan 05, 2021 10:34 PM

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ABC Company provided the following information about its standard costing system for 2014: Standard Data Actual Data

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Financial and Managerial Accounting the basis for business decisions

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