The Koski Company has established standards as follows:
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Direct material
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3.20 pounds @ $5.20/pound = $16.64 per unit
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Direct labor
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2.00 hours @ $9.20/hour = $18.40 per unit
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Variable overhead
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2.00 hours @ $6.20/hour = $12.40 per unit
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Actual production figures for the past year were as follows:
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Units produced
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620
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Direct materials used
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2,360 pounds
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Direct materials purchased (4,200 pounds)
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$22,260
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Direct labor cost (1,070 hours)
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$10,058
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Variable overhead cost incurred
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$6,527
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rev: 02-11-2011
1.The materials price variance is (Do not round intermediate calculations.):
rev: 02-11-2011
2. The materials quantity variance is: (Round your answer to nearest dollar amount.)
rev: 02-11-2011
3. The labor rate variance is (Do not round intermediate calculations.):
rev: 02-11-2011
4. The labor efficiency variance is: (Round your answer to nearest dollar amount.)
rev: 02-11-2011
I need it to be done 2 hrs please. No more than two hrs