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Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 4.6...

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Question

Accounting

Standard Quantity or Hours Standard Price or Rate Standard Cost
Direct materials 4.6 pounds $ 2.50 per pound $ 11.50
Direct labor 0.2 hours $ 18.00 per hour $ 3.60

During the most recent month, the following activity was recorded:

  1. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound.

  2. The company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in raw materials inventory.)

  3. 750 hours of direct labor time were recorded at a total labor cost of $14,925.

Required:

Compute the materials price and quantity variances for the month.

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