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Lily Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the Direct materials (10 pounds at $2.70 per pound) Direct labor (6 hours at $12.00 per hour) During the month of April, the company manufactures 320 units and incurs the following actual costs. Direct materials purchased and used (1,700 pounds) Direct labor (1,940 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance $ $ $ $27.00 $72.00 LA $ $4,760 $22,892 Favorable Unfavorable Favorable Favorable

Lily Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the Direct materials (10 pounds at $2.70 per pound) Direct labor (6 hours at $12.00 per hour) During the month of April, the company manufactures 320 units and incurs the following actual costs. Direct materials purchased and used (1,700 pounds) Direct labor (1,940 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance $ $ $ $27.00 $72.00 LA $ $4,760 $22,892 Favorable Unfavorable Favorable Favorable

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 20E: Jameson Company produces paper towels. The company has established the following direct materials...
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Lily Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (10 pounds at $2.70 per pound) Direct labor (6 hours at $12.00 per hour) During the month of April, the company manufactures 320 units and incurs the following actual costs. Direct materials purchased and used (1,700 pounds) Direct labor (1,940 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ LA $ $27.00 $72.00 LA LA $4,760 $22,892 100 Favorable Unfavorable Favorable Favorable Favorable Unfavorable <
Transcribed Image Text:Lily Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (10 pounds at $2.70 per pound) Direct labor (6 hours at $12.00 per hour) During the month of April, the company manufactures 320 units and incurs the following actual costs. Direct materials purchased and used (1,700 pounds) Direct labor (1,940 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ LA $ $27.00 $72.00 LA LA $4,760 $22,892 100 Favorable Unfavorable Favorable Favorable Favorable Unfavorable <
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