(Answered) Problem - materials and labor variancesat the beginning of

Accounting

Problem - Materials and Labor Variances

At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products:

Direct materials (6 lbs. @ $5)	$30.00
Direct labor (2 hrs. @ $12)	24.00
Standard prime cost per unit	$54.00

The actual results for the year are as follows:

a. Units produced: 350,000.

b. Materials purchased: 1,860,000 pounds @ $5.10.

c. Materials used: 1,850,000 pounds.

d. Direct labor: 725,000 hours @ $11.85.

Required:

1. Compute price and usage variances for materials.

2. Compute the labor rate and labor efficiency variances.

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