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The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August.
Costs |
Actual labor rate | | $15 | per hour |
Actual materials price | | $180 | per ton |
Standard labor rate | | $14.50 | per hour |
Standard materials price | | $182 | per ton |
Quantities |
Actual hours incurred and used | | 4,700 hours |
Actual quantity of materials purchased and used | | 1,900 tons |
Standard hours used | | 4,760 hours |
Standard quantity of materials used | | 1,890 tons |
(a) Compute the total, price, and quantity variances for materials and labor.
Total materials variance | | $enter a dollar amount | | select a type of the variance FavorableNeither favorable nor unfavorableUnfavorable |
Materials price variance | | $enter a dollar amount | | select a type of the variance Neither favorable nor unfavorableUnfavorableFavorable |
Materials quantity variance | | $enter a dollar amount | | select a type of the variance Neither favorable nor unfavorableFavorableUnfavorable |
Total labor variance | | $enter a dollar amount | | select a type of the variance Neither favorable nor unfavorableUnfavorableFavorable |
Labor price variance | | $enter a dollar amount | | select a type of the variance UnfavorableNeither favorable nor unfavorableFavorable |
Labor quantity variance | | $enter a dollar amount | | select a type of the variance UnfavorableFavorableNeither favorable nor unfavorable |
Answer & Explanation
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