Direct Materials and Direct Labor Variance Analysis Jericho Fixture Company manufactures faucets in a small manufacturing...

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Direct Materials and Direct Labor Variance Analysis Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 45 employees. Each employee presently provides 38 hours of labor per week. Information about a production week is as follows: Standard number of lbs. of brass Standard price per lb. of brass Standard wage per hr. Standard labor time per faucet Actual price per lb. of brass 0.4 lb. $0.80 $21.00 15 min. $0.90 Actual lbs. of brass used during the week 4,500 lbs. Number of faucets produced during the week 10,000 Actual wage per hr. $22.00 Actual hrs. for the week (45 employees 38 hours) 1,710 Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit $ 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 Direct Materials Quantity Variance Total Direct Materials Cost Variance 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 Direct Labor Time Variance Total Direct Labor Cost Variance Direct Materials and Direct Labor Variance Analysis Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 45 employees. Each employee presently provides 38 hours of labor per week. Information about a production week is as follows: Standard number of lbs. of brass Standard price per lb. of brass Standard wage per hr. Standard labor time per faucet Actual price per lb. of brass 0.4 lb. $0.80 $21.00 15 min. $0.90 Actual lbs. of brass used during the week 4,500 lbs. Number of faucets produced during the week 10,000 Actual wage per hr. $22.00 Actual hrs. for the week (45 employees 38 hours) 1,710 Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit $ 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 Direct Materials Quantity Variance Total Direct Materials Cost Variance 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 Direct Labor Time Variance Total Direct Labor Cost Variance