Question: Please help me fill o ut the chart with the g iven information. Thank you! Lucia Company has set the following standard cost per unit
Please help me fill o
ut the chart with the g
iven information. Thank you!
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Directmaterials(14pounds@$3perpound)Directlabor(4hours@$15perhour)$4260 During May the company incurred the following actual costs to produce 8,100 units. Direct materials (115,800 pounds @ $2.80 per pound ) Direct labor (37,100 hours @ $15.10 per hour) $324,240 560,210 AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or variance. Round "Rate per hour" answers to 2 decimal places.)
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