Direct Materials and Direct Labor Variance Analysis

Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has $50$ employees. Each employee presently provides $36$ hours of labor per week. Information about a production week is as follows:

Standard wage per hr$.$ $$13\mathrm{.}80$

Standard labor time per faucet $15$ min.

Standard number of lb$.$ of brass $1\mathrm{.}80$ lb$.$

Standard price per lb$.$ of brass $$10\mathrm{.}00$

Actual price per lb$.$ of brass $$10\mathrm{.}25$

Actual lb$.$ of brass used during the week $12,800$ lb$.$

Number of faucets produced during the week $6,900$

Actual wage per hr$.$ $$14\mathrm{.}20$

Actual hrs$.$ per week $1,800$ hrs$.$

Required:

a$.$ Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places.

Direct materials standard cost per unit $fill in the blank $1$

Direct labor standard cost per unit fill in the blank $2$

Total standard cost per unit $fill in the blank $3$

b$.$ Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Direct materials price variance $fill in the blank $4$

Direct materials quantity variance fill in the blank $6$

Total direct materials cost variance $fill in the blank $8$

c$.$ Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Direct labor rate variance $fill in the blank $10$

Direct labor time variance fill in the blank $12$

Total direct labor cost variance