Kelly Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this...
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Kelly Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket:
Direct Material (Fabric). 4.0 yards per blanket at $7.00 per yard
Direct Labor 1 direct labor hour per blanket at $13.00 per hour
Actual results from last month's production of 2,100 blankets are as follows:
Actual Cost of 9,450 yards of direct material (fabric) purchased $ 60,480
Actual yards of direct material (fabric) used . $ 8,900
Actual Wages for 2.250 hours worked .. $ 27,450
Calculate the direct labor rate and efficiency variances.
Analyze each variance and speculate as to what may have caused that variance
Look at all four variances together (the big picture). How might they all be related?
What variance is very likely to have caused the other variances?
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