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Flag Wavers Incorporation makes international flags and has established the following standards for the production...

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Accounting

Flag Wavers Incorporation makes international flags and has established the following standards for the production of one flag: Direct Materials: 5 yards of fabric at a cost of $2.50 per yard Direct Labour: 2 hours at a rate of $8.25 per hour. The following information is supplied for the operation for the month of October in which 450 flags were produced: Materials Purchased and used: 2,500 yards of fabric at a cost of $2.40 per yard. Direct Labour: 950 hours at a rate $8.50 per hour. Required: a) Compute the Materials Price Variance (2 Marks) b) Compute the Materials Quantity Variance (2 Marks) c) Total Materials Variance (1.5 Marks) d) Compute the Labour Rate Variance (2 Marks) e) Compute the Labour Efficiency Variance (2 Marks) f) Total Labour Variance (1.5 Marks)

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