ABC manufactures a product with the following: Direct materials standard 5 units at...
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Accounting
ABC manufactures a product with the following:
Direct materials standard 5 units at $4 per unit
Direct manufacturing labor standard 15 hours at $20 per hour
During the second quarter, the company made 3,000 products and used 22,000 units of raw material costing $90,200. Direct labor totaled 70,000 hours for $1,365,000.
Required:
a. Compute the direct materials price and efficiency variances for the quarter.
b. Compute the direct manufacturing labor price and efficiency variances for the quarter.
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