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Various Accounting Calculations

Stanton Company use the following standards in the production of its only product:
Direct Materials: 18 Pounds @ $25 per pound
Direct Labor: 6 Hours @ $18 Per Hour
During March, company records showed the following:
Materials purchased: 12,000 Pounds @ $264,000
Materials used: 15,000 Pounds
Direct Labor Hours: 4,700 Hours @ $21 Per Hour
Units Produced: 800 Units

The materials price variance is:

a $36,000 unfavorable
b $36,000 favorable
c $15,000 unfavorable
d $15,000 favorable

28. The material quantity variance is:

a $36,000 unfavorable
b $36,000 favorable
c $15,000 unfavorable
d $15,000 favorable

29. The direct labor rate variance is:

a $1,800 unfavorable
b $1,800 favorable
c $14,100 unfavorable
d $14,100 favorable

30. The direct labor efficiency variance is:

a $1,800 unfavorable
b $1,800 favorable
c $14,100 unfavorable
d $14,100 favorable

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Correct answers are as under as fully worked out and explained in a separate excel file ...

Solution Summary

The following posting helps with various accounting calculations. Concepts covered include materials price variance, material quality variance, direct labor rate variance, direct labor rate variance, and direct labor efficiency variance.

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