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Material and Labor Variances The following actual and standard cost data for direct material and...

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Accounting

Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product:

Actual Costs Standard Costs
Direct material 7,800 lbs. @ $5.30 8,000 lbs. @ $5.10
Direct labor 12,400 hrs. @ $8.40 12,000 hrs. @ $8.70

Determine the following variances:

Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.

Materials Variances
Actual cost:

Split cost:

Standard cost:

a. Materials price

FU

b. Materials efficiency

FU

Labor Variances
Actual cost:

Split cost:

Standard cost:

c. Labor rate

FU

d. Labor efficieny

FU

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