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Problem:

Party Balloons Company produces mylar blaaoons. The company's direct materials standards for the deluxe balloon includes 3 ounces of mylar. Standard prices for the year were $0.030 per ounce. Direct labor standards for the deluxe balloon specify $0.01 hour of direct labor at a standard direct labor rate of $18 per hour.

During January, the company made 200,600 deluxe balloons. Actual production data is.

Direct Materials 602,000 ounces @$0.028 per ounce

Direct Labor 2,000 hours @$18.50 per hour

Required:

Question 1: Compute the direct materials price and quantity variances.

Question 2: Compute the direct labor rate and efficiency variances.

Note: Please provide reasons to support your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164162

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