The following direct materials and direct labor data pertain to the operations of Laurel Company for the
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Question:
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August.
Costs | |||
Actual labor rate | $13 | per hour | |
Actual materials price | $131 | per ton | |
Standard labor rate | $12 | per hour | |
Standard materials price | $134 | per ton |
Quantities | ||
Actual hours incurred and used | 3,502 hours | |
Actual quantity of materials purchased and used | 1,948 tons | |
Standard hours used | 3,562 hours | |
Standard quantity of materials used | 1,934 tons |
Compute the total, price, and quantity variances for materials and labor.
Total materials variance
Materials price variance
Materials quantity variance
Total labor variance
Labor price variance
Labor quantity variance
Related Book For
Managerial Accounting Tools for business decision making
ISBN: 978-0470477144
5th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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