Standard Cost System: Posters Now Case
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Posters Now uses a standard cost system. Job 67 is for the manufacturing of 800 unites of the product P100. The company's standards for one unit of product P100 are as follows:
Standard quantity: 11 ounces
Standard price: $3 per ounce
Standard direct labour: 1.5 hours
Standard labor rate: $12 per hour
The job required 8,000 ounces of raw material costing $26,100.
a) What is the materials variance? Show computations.
b) What is the materials quantity variance? Show computations.
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Solution Summary
This solution calculates the materials variance and materials quantity variance based on the data in the problem. All calculations are provided.
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