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Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a...

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Accounting

Direct Materials and Direct Labor Variance Analysis
Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as follows:
Standard wage per hr. $10.80
Standard labor time per faucet 10 min.
Standard number of lb. of brass 1.30 lb.
Standard price per lb. of brass $9.75
Actual price per lb. of brass $10.00
Actual lb. of brass used during the week 11,600 lb.
Number of faucets produced during the week 8,700
Actual wage per hr. $11.10
Actual hrs. per week 1,280 hrs.
Required:
a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places.

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