Woodard Company produced 2,000 plastic desk runners during July using 900 direct labor hours and...
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Woodard Company produced 2,000 plastic desk runners during July using 900 direct labor hours and purchased and used 6,200 pounds of plastic. Its materials and labor standards are: Direct materials (3 pounds @ $1.50) $4.50 Direct labor (0.5 hours @ $20.00) 10.00 The materials price variance was a favorable $1,240, and the labor rate variance was an unfavorable $1,800. Complete the Following: (Round the rates to two decimal places and variances to the nearest dollar.) A. The actual price per lb. of materials is _____. B. The actual labor rate is _____. C. The materials usage variance is _____. [Label as favorable (F) or unfavorable (U).] D. The labor efficiency variance is _____. [Label as favorable (F) or unfavorable (U).
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