Rickard Brown's product has the following established standard costs: Direct Labor per unit: 1...
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Accounting
Rickard Brown's product has the following established standard costs:
- Direct Labor per unit: 1 hour at $12 per hour
- Direct Material per unit: 2 pounds at $3 per pound
The actual costs for the month of producing 500 units are as follows:
- Direct Material: $4,500 (1,250 pounds used)
- Direct Labor: $5,200 (400 hours used)
Please answer the following questions based on the provided data. Remember to show all calculations step-by-step, numbering your answers in order to provide your work
- What is the total Material variance?
- How much is the Material Price variance?
- What is the Material Quantity variance?
- What is the total Labor variance?
- How much is the Labor Price variance?
- What is the Labor Quantity variance?
- Which variance(s) would be the responsibility of the Production Manager?
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