Jackson Industries uses a standard cost system in which direct materials inventory is carried at...
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Jackson Industries uses a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for one unit of product: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6 pounds $3.40 per pound $20.40 Direct labor 2.00 hours $12.00 per hour $24.00 During May, Jackson purchased 117,750 pounds of direct material at a total cost of $423,900. The total factory wages for May were $444,700, 90 percent of which were for direct labor. Jackson manufactured 17,000 units of product during May using 99,200 pounds of direct material and 34,660 direct labor-hours. The labor efficiency variance for May is: $7,920 Unfavorable $5,520 Favorable $6,720 Unfavorable $7,920 Favorable
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