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  3. 1. taras treasures makes jewelry for sale to her

1. Taras Treasures makes Jewelry for sale to her customers. Tara has estimated the...

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Accounting

1. Taras Treasures makes Jewelry for sale to her customers. Tara has estimated the following STANDARD COSTS:
Direct Materials:
Standard Cost = $10 per Ounce x 25 ounces of GOLD =
Actual Cost: $12 per Ounce x 28 Ounces
Direct Labor:
Standard Cost: $40 per hour and expects the employee will need 4 hours per item
Actual Cost: $38 per hour and actual hours was 5 hours.
Required:
a. Calculate the Variance Analysis for BOTH the Price Variance and the Efficiency Variance for the Direct Materials.
b. Calculate the Variance Analysis for BOTH the Price Variance and Efficiency Variance for Direct Labor
2. Keiras Kites manufactures Kites and has estimated the following STANDARD COSTS:
Direct Materials:
Standard Cost: 10 Ounces of Plastic x $4 per Ounce.
Actual Cost: 8 Ounces of Plastic at $4.50 per Ounce.
Direct Labor:
Standard Cost: $20 per hour x 12 hours
Actual Cost: $18 per hour x 14 hours.
Required:
a. Calculate the Variance Analysis for BOTH the Price Variance and the Efficiency Variance for the Direct Materials.
b. Calculate the Variance Analysis for BOTH the Price Variance and Efficiency Variance for Direct Labor

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