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A manufactured product has the following information for June. ...

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Accounting

A manufactured product has the following information for June.

Standard Actual
Direct materials (5 lbs. @ $8 per lb.) 42,400 lbs. @ $8.10 per lb.
Direct labor (2 hrs. @ $17 per hr.) 16,600 hrs. @ $17.50 per hr.
Overhead (2 hrs. @ $12 per hr.) $ 207,400
Units manufactured 8,400

Exercise 23-9 Direct materials variances LO P2

AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price

Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable.

image

Actual Cost Standard Cost

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