Price and quantity variances
Not what you're looking for?
Total price and quantity variances for materials and labor
Haslett Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (8 pounds at $2.75 per pound) $22
Direct labor (3 hours at $16.00 per hour) $48
During the month of April, the company manufactures 231 units and incurs the following actual costs.
Direct materials purchased and used (1,930 pounds) $8,106
Direct labor (700 hours) $10,150
Total materials variance $ Favorable/Unfavorable
Materials price variance $ Unfavorable/Favorable
Materials quantity variance $ Favorable/Unfavorable
Total labor variance $ Favorable/Unfavorable
Labor price variance $ Favorable/Unfavorable
Labor quantity variance $ Favorable/Unfavorable
Compute the total, price, and quantity variances for materials and labor. (Round unit costs to 2 decimal places, e.g. 10.50 and all other computations and final answers to 0 decimal places, e.g. 125.)
Purchase this Solution
Solution Summary
The solution explains how to calculate price and quantity variances for material and labor
Purchase this Solution
Free BrainMass Quizzes
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Motivation
This tests some key elements of major motivation theories.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations