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nework education.com 0 Exercise 21-12 Direct materials and direct labor variances LO P3 Rating Bu Reed Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. 84 per 10.) Direct labor (2 hrs. 515 perhe.) ste 30 During June the company incurred the following actual costs to produce 8600 units. Direct materials (131,200 lbs. 33.75 per 1b.) Direct labor (21. See hes. $15.15 per hr.). $492,000 322,695 AH = Actual Hours SH - Standard Hours AR Actual Rate SR - Standard Rate AQ-Actual Quantity SQ = Standard Quantity AP Actual Price SP- Standard Price ta vanances Indicate the effect of each variance by selecting for favorable Rate lower AD = Actual Quantity SQ - Standard Quantity AP = Actual Price SP Standard Price (1) Compute the direct materials price and quantity variance indicate the effect of each variance by selecting for favorable unfavorable, and no variance) (2) Compute the direct laborate variance and the direct laboreficiency variance Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials proe and quantity variances. Indicate whether each variance i tvorable or unavorable Actual Cout + Required 2 AQ Actual Quantity SQ-Standard Quantity AP = Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting for favor unfavorable, and no variance.) (2) Compute the direct laborate variance and the direct labor efficiency variance indicate the effect of each variance by electing for favorable, unfavorable, and no variance) Complete this question by entering your answers in the tabs below. 14 Required 1 Required 1 Compute the direct labor rate variance and the direct labore ency wariance Indicate whether each wel een Actual Cost col ences

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