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Q1) Standard costs and actual costs for direct labor, direct materials, and factory overhead for manufacture of 2,500 units of product are given:

Standard Costs @ 2,500 units:

 

Direct materials

2,500 kilograms @ $8/kg

Direct labor

7,500 hours @ $12/hr

Actual Costs @ 2,500 units:

 

Direct materials

2,600 kilograms @ $8.75

Direct labor

7,400 hours @ $11.40

Amount of direct materials price variance is:

i) $1,875 unfavourable

ii) $1,950 favourable

iii) $1,950 unfavourable

iv) $1,875 favourable

v) $800 unfavourable

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916736

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