Gibson Manufacturing Company produces a single product. The following data apply to the standard cost...
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Accounting
Gibson Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product:
| Materials quantity per unit | 1 | pound | |
| Materials price | $ | 5.70 | per pound |
| Labor quantity per unit | 2 | hours | |
| Labor price | $ | 9.70 | per hour |
During the year, the company made 1,940 units of product. At the end of the year, the following variances had been calculated.
| Materials usage variance | $ | 855 | Favorable |
| Materials price variance | $ | 179 | Unfavorable |
| Labor usage variance | $ | 2,619 | Unfavorable |
| Labor price variance | $ | 2,905 | Favorable |
Required
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Determine the actual amount of materials used.
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Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.)
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Determine the actual labor hours used.
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Determine the actual labor price per hour. (Round your answer to 2 decimal places.)
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