A company has the following information: Standard Quantity Standard Rate...
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Accounting
A company has the following information:
Standard Quantity
Standard Rate
Direct materials
18
yards
$0.05
per gallons
Direct labor
1.2
hour
$11.00
per hour
The number of products sold is 380. The company used 6,800 yards of direct materials and paid $544). The company also used direct labor of 320 hours and paid $3,840.
Calculate the direct materials variances.
Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
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Direct Material Price Variance
Direct Material Quantity Variance
Calculate direct labor variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your answers to nearest dollar amount.
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Direct Labor Rate Variance
Direct Labor Efficiency Variance
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