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

Accounting

Question - 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)$30.00Direct labor (2 hrs. @ $12)24.00Standard prime cost per unit $54.00

The actual results for the year are as follows:

1. Units produced: 470,000.

2. Materials purchased: 3,290,000 pounds @ $4.70.

3. Materials used: 2,867,000 pounds.

4. Direct labor: 987,000 hours @ $12.24.

Required:

1. Compute price and usage variances for materials.

2. Compute the labor rate and labor efficiency variances.

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