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Q1) Fort Wayne Fabricators, inc. utilizes a standard cost system to account for its single product. Standards established for product comprise following:

Materials ..........................8lbs. @ $0.05/lb

Labor.................................6hrs. @ $5.60/hr

Following operating data came from records for month:

In process, beginning inventory, none.

In process, ending inventory, 800 units, and 80% complete as to labor; material is issued at starting of processing.

Completed during the month, 5,600 units

Materials issued to production were 51,680 pounds @ $0.045 per pound.

Direct labor was $215,840 at rate of $5.68 per hour.

Compute variances given below

1. Materials price

2. Materials quantity

3. Net materials variance

4. Labour rate

5. Labour efficiency

6. Net labour variance

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916926

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