A manufactured product has the following information for June. Standard Quantity and Cost Actual Results...
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A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 7 pounds @ $8 per pound 53, 000 pounds @ $8.20 per pound Direct labor 3 DLH @ $17 per DLH 22, 100 hours @ $17.50 per hour Overhead 3 DLH @ $12 per DLH $ 275, 900 Units manufactured 7,500 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost 0 $ O
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