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Hot Rods inc. produces seats for the Chrysler Company. At the beginning of the year,...

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Question

Accounting

Hot Rods inc. produces seats for the Chrysler Company. At the beginning of the year, they had the following standard cost sheet for one batch of seats:

Direct materials (20kg @ 3.50 per kg) = $70

Direct labour (1 hours @ 15.00 per hour) = $15

Prime cost per batch= $85

*The actual results for the year are:

Batches produced: 300,000

direct labour hours: 295,000

direct labour costs per hourL $15.25

direct materials purchased and used in KG: 6,005,000

direct materials cost per kg: $3.45

Questions:

1. Calculate and enter the material price variance for the year?

2. Calculate and enter the material usage variance for the year?

3. Calculate and enter the total material variance for the year?

4. Calculate and enter total labour variance for the year?

5. calculate and enter the labour efficiency variance for the year?

6. Calculate and enter the total labour variance for the year?

Answer & Explanation Solved by verified expert
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