Question: need help Problem (5 Points Each) 1. Standard and actual costs tor direct materials for the manufacture of 1,000 units of product were as follows:

 need help Problem (5 Points Each) 1. Standard and actual costs

tor direct materials for the manufacture of 1,000 units of product were

need help

Problem (5 Points Each) 1. Standard and actual costs tor direct materials for the manufacture of 1,000 units of product were as follows: Actual costs Standard costs 1,550 lbs. @ $9.10 1,600 lbs. @ $9.00 Determine the ( a) quantity variance, (b) price variance, and (c) total direct materials cost variance. 2. Standard and actual costs for direct labor for the manufacture of 1,000 units of product were as Actual costs Standard costs 950 hours @ $37.00 975 hours @ $36.00 Determine the (a) time variance, (b) rate variance, and (e) total direct labor cost variance. material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard. Determine the (a) price variance, (b) quantity variance, and (c) cost variance. 3. Ruby Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of Japan Company produces lamps that require 2.25 standard hours per unit at an hourly rate of $15.00 per hour If 7,700 units required 19,250 hours at an hourly rate of $14.90 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? 4

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!