eBook Calculator Materials and Labor Variances At the beginning of the year, Craig Company had...
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eBook Calculator Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products Direct materials (5 lbs. $4.00) Direct labor (2 hrs. @ $.15.00) Standard prime cost per unit The actual results for the year are as follows: $20.00 30.00 $50.00 a. Units produced: 360,000. b. Materials purchased: 2,520,000 pounds c. Materials used: 2,232,000 pounds. d. Direct labor: 792,000 hours $11.64. $4.50. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance Material usage variance nfavorable V Unfavorable v 2. Compute the labor rate and labor efficiency vanances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance Labor efficiency variances Favorable V unfavorable Previous Next Check My Work nt for Grading
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