Pontefract Company produced 2,500 widgets during November using 4000 units of materials at a cost...
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Accounting
Pontefract Company produced 2,500 widgets during November using 4000 units of materials at a cost of $5.00 each. It also used 5,000 direct labor hours at a rate of $7.00. It's direct materials standard is 2 units per widget. Its direct labor standard is 2.5 hours per widget.
Its materials price variance was a favorable $8,000 and its labor rate variance was unfavorable $1,000.
A. Calcuate the standard materials price per unit.
B. Calculate the standard labor rate.
C. Determine the materias usage variance and whether it is favorable or unfavorable.
D. Determine the labor efficiency variance and whether it is favorable or unfavorable.
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