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3. The following data is given for the XYZ Company: Budgeted production 25,000 units Actual...

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Accounting

3. The following data is given for the XYZ Company:

Budgeted production 25,000 units

Actual Production 26,000 units

Materials:

Standard price per ounce $5.50

Standard ounces per completed unit 7

Actual ounces purchased and used in production 250,000

Actual price paid for materials $1,500,000

Labor:

Standard Hourly Labor Rate $20 per hour

Standard Hours allowed per completed Unit

Actual labor hours works 200,000

Actual total labor costs $4,500,000

Overhead:

Actual and budgeted fixed overhead $1,000,000

Standard variable overhead rate $25.00 per standard labor hour

Actual Variable overhead costs $4,500,000

Overhead is applied on standard labor hours.

a.What is the direct materials price variance?

b.The direct material quantity variance is:

4. The following data relate to direct labor costs for the current period:

Standard Costs 10,000 hours at $6.00

Actual Costs 9,000 hours at $7.00

What is the direct labor rate variance?

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