Chin Inc. has provided you with the following information: Budgeted sales Budgeted selling...
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Chin Inc. has provided you with the following information: Budgeted sales Budgeted selling price Standard cost of direct materials per unit Standard quantity of direct labour per unit Standard fixed costs (total) 1500 units $120 2 meters X $30 per meters = $60 1 hours x $ 25 per hour = $25 $10,000 Actual sales Actual selling price Actual cost of direct materials per unit Actual quantity of direct labour per unit Standard fixed costs (total) 1450 units $120 1.8 meters X $25 per meters = $45 1.25 hours x $20 per hour = $25 $10,000 b) Compute the direct materials price and quantity variances Direct materials price and quantity variances AQ x AP AQ X SP SQ X SP c) Compute the direct labor rate and efficiency variances Direct labour rate and efficiency variances AQ XAR AQ X SR SQ X SR
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