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Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds 35 per pound) Direct labor (4 hours @ $15 per hour) During May the company incurred the following actual costs to produce 9.000 units. Direct materials (129,800 pounds 14.80 per pound) Direct labor (19,400 hours $15.10 per hour) $ 623,040 594,94 AR-Actual Rate SR-Standard Rate AQ-Actual Quantity SQ-Standard Quantity AP-Actual Price SP-Standard Price (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate variance and the direct labor efficiency variance

Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds 35 per pound) Direct labor (4 hours @ $15 per hour) During May the company incurred the following actual costs to produce 9.000 units. Direct materials (129,800 pounds 14.80 per pound) Direct labor (19,400 hours $15.10 per hour) $ 623,040 594,94 AR-Actual Rate SR-Standard Rate AQ-Actual Quantity SQ-Standard Quantity AP-Actual Price SP-Standard Price (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate variance and the direct labor efficiency variance

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 30P: Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following...
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Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $5 per pound) $ 70 Ge Direct labor (4 hours @ $15 per hour) During May the company Incurred the following actual costs to produce 9.000 units. Direct materials (129,800 pounds @ $4.80 per pound) Direct labor (39,400 hours @ $15.10 per hour) AR Actual Rate SR-Standard Rate AQ Actual Quantity SQ -Standard Quantity AP-Actual Price SP=Stand P= Standard Price direct materials price and (2) Compute the direct labor rate variance and the direct labor efficiency varlance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AR Actual Rate SR-Standard Rate AQ Actual Quantity SQ Standard Quantity $ 0 AP-Actual Price SP- Standard Price Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds @ $5 per pound) $70 Direct labor (4 hours @ $15 per hour) S During May the company incurred the following actual costs to produce 9.000 units. Direct materials (129,880 pounds @ $4.80 per pound) Direct labor (19,400 hours @ $15.10 per hour) Required 1 Required 2 0 of Complete this question by entering your answers in the tabs below. $ $ 623,040 594,940 0 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. $ 5 01 0 0 Required 2 > Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places. Actual Cost Standard Cost < Required 1 $623,040 594,940 $ Standard Cost 0
Transcribed Image Text:Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $5 per pound) $ 70 Ge Direct labor (4 hours @ $15 per hour) During May the company Incurred the following actual costs to produce 9.000 units. Direct materials (129,800 pounds @ $4.80 per pound) Direct labor (39,400 hours @ $15.10 per hour) AR Actual Rate SR-Standard Rate AQ Actual Quantity SQ -Standard Quantity AP-Actual Price SP=Stand P= Standard Price direct materials price and (2) Compute the direct labor rate variance and the direct labor efficiency varlance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AR Actual Rate SR-Standard Rate AQ Actual Quantity SQ Standard Quantity $ 0 AP-Actual Price SP- Standard Price Lucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (14 pounds @ $5 per pound) $70 Direct labor (4 hours @ $15 per hour) S During May the company incurred the following actual costs to produce 9.000 units. Direct materials (129,880 pounds @ $4.80 per pound) Direct labor (19,400 hours @ $15.10 per hour) Required 1 Required 2 0 of Complete this question by entering your answers in the tabs below. $ $ 623,040 594,940 0 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. $ 5 01 0 0 Required 2 > Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places. Actual Cost Standard Cost < Required 1 $623,040 594,940 $ Standard Cost 0
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