Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. compute the direct materials price and quantity va

Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance...

70.2K

Verified Solution

Question

Accounting

image

image

image

Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) Direct labor (2 hours @ $15 per hour) $60 30 During May the company incurred the following actual costs to produce 8,500 units. Direct materials ( 131,100 pounds @ $3.80 per pound) $498,180 Direct labor (21,400 hours @ $15.10 per hour) 323,140 AR = Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

c Hund d ommerfield 1999 42 The de Broglie wavelength of a particle with mass...

Accounting
1.2K views

Question 4 [16 marks]Revaluation of property, plant andequipmentYou are the accountant for Superstar...Question 4...

Psychology
1.2K views

Compare and contrast William James’ bodily theory of emotion to Walter Cannon’s theory that the brain...

General Management
1.2K views

In 2011, two Brown University seniors, Walker Williams and Evan Stites-Clayton, were sad that their favorite...

Physics
1.2K views

riginal orbit The sea level and at top of mountains are w W2 and w3...

Basic Math
1.2K views

Use long division to find the quotient and remainder.(x - 7x + 13x - 6)...

Algebra
1.2K views

Find an eigenbasis of the following linear transformation of R2: projection onto the line Lspanned...

Accounting
1.2K views

On 1 March 2020, Sunrise Ltd, a New Zealand entity, purchases AUD 1 200 000...

Accounting
1.2K views

Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Flint Corporation on January 1,...

Accounting
1.2K views

On October 15, 2020, Biggin Inc. borrowed $350,000 from Bank of America at 7.5%. The...

Finance
1.2K views

Your factory has been offered a contract to produce a part for a new printer....

Accounting
1.2K views

Please provide detail explanation- A master budget with all supporting budgets relation to Managerial Accounting