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The following standards have been established for a raw material used to make product I92:

	Standard quantity of the material per unit of output..	3 pounds
	Standard price of the material.....................................	$4.50 per pound
	Standard hours of labor per unit of output	2 hours
	Standard rate of the labor per hour	$11 per hour

The following data pertain to a recent month's operations:

	Actual material purchased......................	6,800 pounds
	Actual cost of material purchased..........	$31,620
	Actual material used in production........	6,800 pounds
	Actual output.........................................	2,300 units of product I92
	Actual labor used	4,500 hours
	Actual total labor cost	$49,050

Required:

What is the materials price variance for the month?
What is the materials quantity variance for the month?
What is the labor rate variance for the month?
What is the labor efficiency variance for the month?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9945809

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