Giving the following information:

1. Actual materials input used                                              8,500 KG
2. Actual labor input used                                                     3,500 hours
3. Actual price of materials per unit                                     $16
4. Actual price of labor per hour                                          $10
5. Flexible budget price of materials per unit                       $18
6. Flexible budget price of labor per hour                            $8.5
7. Flexible budget units of materials                                    8,000KG
8. Flexible budget hours of labor                                         3,200 hours

Required:

1. The price variance for both materials and labor
2. 
   
3. The efficiency variance for both materials and labor.

Answer rating: 100% (QA)

Material Price Variance The difference between the Standard Price and Actual Price for the Actual Qu... View the full answer