Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. materials and labor variances at the beginning of

Materials and Labor Variances At the beginning of the year, Craig Company had the following...

50.1K

Verified Solution

Question

Accounting

image

Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. $4.00) Direct labor (2 hrs. @ $15.00) Standard prime cost per unit The actual results for the year are as follows: $20.00 30.00 $50.00 a. Units produced: 400,000 b. Materials purchased: 2,060,000 pounds c. Materials used: 2,100,000 d. Direct labor: 825,000 hours@$14.85. $3.95 pounds. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance Material usage variance 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable Labor rate variance Labor efficiency variance Favorable Unfavorable Favorable Unfavorable

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Calculus
1.2K views

Suppose sin ? = 8/17, cos ? = -15/17sin(2?) = ________cos(2?) = _________

Operations Management
1.2K views

Question 50 of 60. Which of the following items is NOT necessary to keep in a vehicle? Spare...

Biology
1.2K views

A population is said to be in an equilibrium no change in allele frequency if...

Physics
1.2K views

Choose the incorrect statement The nuclear force between two nucleons falls rapidly to zero as...

Calculus
1.2K views

Describe this set by listing the elements B t 3 t 11 and t is...

Accounting
1.2K views

2.) Should Section 2512(b) be viewed as a part of the definition of "gift" or...

Accounting
1.2K views

The standard number of hours that should have been worked for the output attained is...

Accounting
1.2K views

If regent tax services office supplies account balance on March 1 was $850, the company...

Accounting
1.2K views

The Student Company is considering the acquisition of a machine that costs $100,000 if bought...

Accounting
1.2K views

Randy Corp has three operational units and two support units. Information on the departments is...

Accounting
1.2K views

QUESTION TWO [45] The accounting equation is the Alpha of Accounting rules. As the junior...

Finance
1.2K views

Guy Holcomb owns and operates Oasis Goodtime Emporium, an adult entertainment establishment. Holcomb wanted to...