Martinez Fabrics manufactures shirts each of which requires the following: Direct materials...
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Accounting
Martinez Fabrics manufactures shirts each of which requires the following:
Direct materials standard 2.5 yards at $8 per yard
Direct manufacturing labor standard 6 hours at $12
Actual results in the third quarter included production of 2,000 shirts which cost $35,000 and used 4,500 yards of fabric. There were 7,000 actual direct labor hours, with an actual cost of $70,000.
Required:
a. Compute the direct materials price and efficiency variances for the quarter.
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