James Company manufactures t-shirts. During the year, it manufactured 250,000 t-shirts, using 2 hours of...
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James Company manufactures t-shirts. During the year, it manufactured 250,000 t-shirts, using 2 hours of direct labor at a rate of $8.50 per hour. The materials and labor standards for manufacturing the t-shirts are:
| Direct materials (6 yards of fabric @ $3 per yard) | $18.00 |
| Direct labor (2.4 hours @ $8.00 per hour) | 19.20 |
It took James 1,400,000 yards at $2.50 per yard to make the 250,000 t-shirts.
Refer to Figure 10-9. What is James materials price variance assuming that materials purchased equals materials used?
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