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Beakins Corporation produces a single product. The standard cost card for the product follows: ...

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Accounting

Beakins Corporation produces a single product. The standard cost card for the product follows:

Direct materials (4 yards $5 per yard)

$20

Direct labor (1.5 hours $10 per hour)

$15

Variable manufacturing overhead (1.5 hours $4 per hour)

$6

During a recent period the company produced 1,200 units of product. Various costs associated with the production of these units are given below:

Direct Materials purchased (6,000 yards)

$28,000

Direct Materials used in production

5,000

Yards

Direct labor cost incurred (2,100 hours)

$17,850

Variable manufacturing overhead cost incurred

$10,080

The company records all variances at the earliest possible point in time. Variable manufacturing overhead costs are applied to products on the basis of standard direct labor-hours.

The materials price variance for the period is:

$1,250 F

$1,500 F

$1,250 U

$1,500 U

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