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Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $5 per pound) Direct labor (3 hours @ $16 per hour) During May the company incurred the following actual costs to produce 8,300 units. Direct materials (128,300 pounds @ $4.80 per pound) Direct labor (29,500 hours @ $16.10 per hour) AR - Actual Rate SR - Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. $ $75 Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost 0 $ $ 615,840 474,950 0 0 Requint Required 2 > Standard Cost

Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $5 per pound) Direct labor (3 hours @ $16 per hour) During May the company incurred the following actual costs to produce 8,300 units. Direct materials (128,300 pounds @ $4.80 per pound) Direct labor (29,500 hours @ $16.10 per hour) AR - Actual Rate SR - Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. $ $75 Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost 0 $ $ 615,840 474,950 0 0 Requint Required 2 > Standard Cost

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter9: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 1PB: Direct materials and direct labor variance analysis Lenni Clothing Co. manufactures clothing in a...
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Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $5 per pound) Direct labor (3 hours @ $16 per hour) $ 75 48 During May the company incurred the following actual costs to produce 8,300 units. Direct materials (128,300 pounds @ $4.80 per pound) Direct labor (29,500 hours @ $16.10 per hour) AR = Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP - Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost $ $615,840 474,950 0 $ 0 0 $ 0 Required 2 > Standard Cost
Transcribed Image Text:Exercise 23-11 (Algo) Direct materials and direct labor variances LO P3 Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $5 per pound) Direct labor (3 hours @ $16 per hour) $ 75 48 During May the company incurred the following actual costs to produce 8,300 units. Direct materials (128,300 pounds @ $4.80 per pound) Direct labor (29,500 hours @ $16.10 per hour) AR = Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP - Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost $ $615,840 474,950 0 $ 0 0 $ 0 Required 2 > Standard Cost
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