During may arrow purchased 160000 pounds of direct material, Ask an Expert

Accounting

Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Arrow has established the following standards for the prime costs of one unit of product. Use the data for
Standard Standard Standard

Quantity Price Cost
Direct materials 8 pounds $1.80 per pound $14.40
Direct labor 0.25 hour $8.00 per hour $ 2.00
During May, Arrow purchased 160,000 pounds of direct material at a total cost of $304,000. The total direct labor wages for May were $37,800. Arrow manufactured 19,000 units of product during May using 142,500 pounds of direct material and 5,000 direct labor hours.
The direct material price variance for May is (note that the purchase price variance is based on the amount purchased - while usage variance is based on amount used):

11. what Direct material quantity variance for May is?
12. what Direct labor rate variance for May is?
13. what Direct labor efficiency variance for May is?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973144

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