Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 4.6...
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Accounting
| Standard Quantity or Hours | Standard Price or Rate | Standard Cost | |||||
| Direct materials | 4.6 | pounds | $ | 2.50 | per pound | $ | 11.50 |
| Direct labor | 0.2 | hours | $ | 18.00 | per hour | $ | 3.60 |
During the most recent month, the following activity was recorded:
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Twenty thousand pounds of material were purchased at a cost of $2.35 per pound.
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The company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in raw materials inventory.)
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750 hours of direct labor time were recorded at a total labor cost of $14,925.
Required:
Compute the materials price and quantity variances for the month.
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You can see the logs in the Dashboard.