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

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 unfavorable
ii) $1,950 favorable
iii) 1,950 unfavorable
iv) $1,875 favorable
v) $800 unfavorable

Accounting Basics, Accounting

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  • Reference No.:- M99420

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