Star Band Uniforms uses a standard costing system. The standard material and labor costs for...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Star Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows:
Materials (0.90 yards $12.00)
$10.80
Direct labor (1.20 hours $14.00)
$16.80
During May, the company produced 3,550 band hats; 4,000 yards of material were purchased for $42,000, and 3,100 yards of material were used in production. Also during May, 4,450 direct labor hours were worked at a cost of $62,000. Calculate material price and quantity variances and labor rate and efficiency variances. Indicate whether the variances are favorable or unfavorable. (Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.)
Material Price Variance
$
UnfavorableFavorableNeither Unfavorable nor Favorable
Material Quantity Variance
$
FavorableNeither Unfavorable nor FavorableUnfavorable
Labor Rate Variance
$
Neither Unfavorable nor FavorableUnfavorableFavorable
Labor Efficiency Variance
$
UnfavorableFavorableNeither Unfavorable nor Favorable
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
