Question: COGS is based on a standard cost that is comprised of $50 material cost per unit, $25 labor cost per unit and $10 overhead allocation

COGS is based on a standard cost that is comprised of $50 material cost per unit, $25 labor cost per unit and $10 overhead allocation cost / unit.

1,000,000 units were sold in 2019; 800,000 units were produced in 2019

Labor inefficiencies resulted in an incremental 15 minutes of labor charge / unit at the rate of $12.50/hour.

The material purchase price variance averaged $3.12/unit

Calculate:

COGS - Standard
COGS - Material variance
COGS - Labor variance

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