Question: Direct Material- Std. price per unit of input- $12 per foot Actual price per unit of input- $14 per foot Std. inputs allowed per unit

Direct Material-

Std. price per unit of input- $12 per foot

Actual price per unit of input- $14 per foot

Std. inputs allowed per unit of output- 5 feet

Actual units of input- 2500 ft

Actual units of output- 600 units Direct Labor-

Std. price per unit of input- $14 per hour

Actual price per unit of input- $13 per hour

Std. inputs allowed per unit of output- 3 hour

Actual units of input- 1550 hour

Compute the price and quantity variances for direct materials and direct labor.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Direct Material- Std. price per unit of input- $12 per foot Actual price per unit of input- $14 per foot Std. inputs allowed per unit of output- 5 feet Actual units of input- 2500 ft Actual units of...

Q:

5. (20 pts) The following data was obtained for a company that makes statues: Standard Inputs Expected For Each Unit of Output 5 pounds 1.5 hours Standard Price Per Unit of Input $12 per pound $12...

Q:

The following information pertains to Finger Company: Direct Labour Standard price per unit of input Actual price per unit of input Standard inputs allowed per unit of output Actual units of input...

Q:

The following information pertains to Finger Company: Direct Labour Standard price per unit of input* $20 Actual price per unit of input $22 Standard inputs allowed per unit of output 2 hours Actual...

Q:

1) what is the material flexible budget variance?2) what is the material price variance?3) What is the material efficiency variance?4) labor efficiency variance?5) labor rate variance?6) labor...

Q:

Consider the following data regarding the manufacture of a line of tables: Direct Materials Direct Labor Actual price per unit of input (board feet and hours) $14 $9 Standard price per unit of input...

Q:

1) what is the material flexible budget variance? 2) what is the material price variance? 3) What is the material efficiency variance? 4) labor efficiency variance? 5) labor rate variance? 6) labor...

Q:

Consider the following data regarding the manufacture of a line of tables: Direct Materials Direct Labor Actual price per unit of input (board feet and hours) $14 $9 Standard price per unit of input...

Q:

April Industries employs a standard costing system in the manufacturing of its sole product, a park bench. They purchased 70,000 feet of raw material for $420,000, and it takes 4 feet of raw...

Q:

You have the following information regarding ABC Company for the year 2018: Description Budgeted units produced and sold Actual selling price Sales volume variance for units sold Value 20,000 $140...

Q:

Meranda Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and...

Q:

Affleck Inc.'s business is booming, and it needs to raise more capital. The company purchases supplies on terms of 1/10 net 20, and it currently takes the discount. One way of getting the needed...

Q:

Annuities are meant to protect individuals against the risk of:Dying earlyOutliving their incomeLoss of a jobCost of living increases

Q:

Which project management tool uses the analogy "skateboard - bicycle - motorcycle - car"? Group of answer choices Scrum Waterfall Fate - Gate Star - gate

Q:

5. What are the other economic side effects of accidents?

Q:

2. What do you think of the safety program? What else would you suggest, and why?

Q:

7. What other steps would you suggest the company take to boost safety? For instance, what would you have supervisors do to improve the companys safety and accident record?