Question

1. yers Corporation has the following data related to direct materials costs for November: actual costs...

1.

yers Corporation has the following data related to direct materials costs for November: actual costs for 4,610 pounds of material, $5.00; and standard costs for 4,470 pounds of material at $6.10 per pound.

What is the direct materials price variance?

a.$854 favorable

b.$5,071 favorable

c.$5,071 unfavorable

d.$854 unfavorable

2.

Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,650 pounds of material, $5.10 and standard costs for 4,430 pounds of material at $6.40 per pound.

What is the direct materials quantity variance?

a.$1,408 unfavorable

b.$1,408 favorable

c.$6,045 unfavorable

d.$6,045 favorable

3.

The following data relate to direct labor costs for the current period:

Standard costs 7,000 hours at $11.70
Actual costs 6,000 hours at $10.60

What is the direct labor time variance?

a.$11,700 unfavorable

b.$10,600 favorable

c.$10,600 unfavorable

d.$11,700 favorable

4.

The following data relate to direct labor costs for the current period:

Standard costs 7,300 hours at $11.30
Actual costs 6,300 hours at $10.60

What is the direct labor rate variance?

a.$15,710 unfavorable

b.$4,410 favorable

c.$15,710 favorable

d.$11,300 favorable

Business   Accounting   
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Homework Answers

Answer #1
1) 3)
Actual cost per pound 5 Standard costs 7000hrs @ 11.7
Standard cost per pound 6.1 Actual costs 6000 @ 10.6
Actual quantity 4610 pounds Direct labour time variance
Material price varince = ( standard price - Actual price) * Actual qty (Actual hours * standard rate )- Standard costs
5071
-11700
Option (b) 5071 favourable
Option (a) unfavourable 11700
2) 4)
Actual usage og qty 4650 pounds Standard costs 7300 hrs @ $ 11.30
Standard usage of qty 4430 pounds Actual costs 6300 hrs @ $ 10.60
Standard cost per pound 6.4 Labour rate variance = standard cost for actual hour - Actual cost
Actual cost = 6300*10.60 66780
Material quantity variance = (Standard usage - Actual usage ) * standard cost Standard cost for actual hours 71190
-1408
LRV = 71190-66780 4410
Option (a) 1408 unfavourable
Option (B) $ 4410 Favourable
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