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Direct Materials and Direct Labor Variance Analysis

Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has $70$ employees. Each employee presently provides $32$ hours of labor per week. Information about a production week is as follows:

Standard wage per hour $$12$

Standard labor time per unit $20$ min.

Standard number of lbs$.$ of brass $1\mathrm{.}3$ lbs$.$

Standard price per lb$.$ of brass $$10$

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

Actual lbs$.$ of brass used during the week $11,248$ lbs$.$

Number of units produced during the week $8,400$

Actual wage per hour $$12\mathrm{.}36$

Actual hours for the week $(70$ employees $\backslash$times $32$ hours$)2,240$ hrs$.$

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 $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. Round your answers to the nearest whole dollar. 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. Round your answers to the nearest whole dollar. 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 $fill in the blank $14$