MC Qu. 103 A company uses the following... A company uses the following standard costs...
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MC Qu. 103 A company uses the following... A company uses the following standard costs to produce a single unit of output. Direct materials 7 pounds at $1.10 per pound = $ 7.70 Direct labor 0.6 hour at $8.00 per hour = $ 4.80 Manufacturing overhead 0.6 hour at $5.00 per hour = $ 3.00 During the latest month, the company purchased and used 68,000 pounds of direct materials at a price of $1.30 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $42,750 based on 5,700 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $27,000 and fixed manufacturing overhead incurred was $13,000. Based on this information, the direct materials price variance for the month was: Multiple Choice $9,600 unfavorable $22,600 favorable $2,000 favorable $13,600 unfavorable $22,600 unfavorable
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