Reed corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. direct materials (15 lbs. @ $3 per lb.) $45 direct labor (4 hrs. @ $14 per hr.) 56 during june the company incurred the following actual costs to produce 8,400 units. direct materials (129,000 lbs. @ $2.80 per lb.) $ 361,200 direct labor (38,500 hrs. @ $14.10 per 542,850 (1) compute the direct materials price and quantity variances.

Price    25,800 Favorable

Quantity 9,000 unfavorable

Explanation:

DIRECT MATERIALS VARIANCES

std cost          $3.00

actual cost  $2.80

quantity       129,000

difference  $0.20

The actual cost was lower than standard, the variance is positive.

price variance  $25,800.00

we multiply the difference by the actual quantity purchased.

std quantity                   126000.00

actual quantity           129000.00

std cost                                    $3.00

difference                       -3000.00

The actual lbs. used were higher, we use more than expected, the variance will be negative.

efficiency variance    $(9,000.00)

We apply the standard cost to each extra lbs used to get the quantity variance

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