Question
The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding...
The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production are given. Assume that all inventory accounts have zero balances at the beginning of the month.
Standard Cost Per Unit: Materials $5.00;
Direct Labor 3 hrs. @ $3.10 9.3;
Variable 2.4
Fixed 8.6
Standard Monthly Costs: Materials $ 12480,
Direct Labor 3 hrs. @ $3.10 15,480;
Variable 4600
Fixed 12200
Variances:
Material price 568.00 unfavorable; Material quantity 800.00 unfavorable; Labor rate 880.00 favorable; Labor efficiency 3,120.00 unfavorable
based on the above information, Answer the followings:
a. What was the actual quantity of materials used during the month?
b. What was the actual price paid for the direct material during the month, assuming all materials purchased were put into production?
c. What were the actual direct labor hours worked during the month?
Homework Answers
Answer #1
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