Material and Labor Variance Computations
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Material and Labor Variances
Consider the following data:
Costs incurred: actual inputs × actual prices incurred Direct Materials $154,000 Direct Labor $77,800
Actual inputs × expected prices Direct Materials $170,000 Direct Labor $74,000
Standard inputs allowed for actual outputs achieved × expected prices
Direct Materials $172,500 Direct Labor $ 71,300
Compute the price, quantity, and flexible-budget variances for direct materials and direct labor. Use U or F to indicate whether the variances are unfavorable or favorable.
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Solution Summary
This solution contains step-by-step calculations in an Excel file to determine the price, quantity, and flexible-budget variances for direct materials and direct labor. It also includes explanations for the conceptual aspects of flexible budget variance and basics of standard costing to further help you with the solution.
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