Corporation produces a single product. The standard cost card for the product follows: Direct materials (4 yards $5 per yard) $20
Direct labor (1.5 hours $10 per hour) $15
Variable manufacturing overhead (1.5 hrs $4 per hour) $6
During the year, the company produced 8,840 units of product and incurred the following actual results:
Materials purchased, 56,100 yards at $2.10 per yard $117,810
Materials used in production (in yards) 36,450
Direct labor cost incurred, 18,000 hours at $8.20 per hour $147,600
Variable manufacturing overhead cost incurred $57,400
Fixed manufacturing overhead cost incurred $117,000
Ignore the variable manufacturing overhead data.
1. The materials price variance far the period is:.
A. $1,250 F.
B. $1,500 F.
C. $1,250 U.
D. $1,500 U.
2. The materials quantity variance for the period is:.
A. $950 U.
B. $5,000 F.
C. $1,000 U.
D. $6,000 F.
3. The labor rate variance for the period is:.
A. $3,150 U.
B. $2,700 F.
C. $2,700 U.
D. $3,150 F.
4. The labor efficiency variance for the period is:.
A. $3,000 U.
B. $2,550 U.
C. $2,550 F.
D. $3,000 F.