The following information summarizes the standard cost for producing one metal tennis racket frame at...
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Accounting
The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production are given. Assume that all inventory accounts have zero balances at the beginning of the month.
Standard Cost Per Unit Standard Monthly Costs
Materials $ 4.00 $ 8,400
Direct Labor 3 hrs. @ $2.50 7.50 15,750
Factory Overhead:
Variable 1.90 3,990
Fixed 4.00 8,400
$ 17.40 $ 36,540
Variances:
Material price 470.00 unfavorable
Material quantity 400.00 unfavorable
Labor rate 700.00 favorable
Labor efficiency 2,900.00 unfavorable
What was the actual price paid for the direct material during the month, assuming all materials purchased were put into production?
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