Job no. 007 involved the production of 100 units of product JR. The total standard and actual costs for materials and direct labor on this job are shown below:

-Compute the following cost variances for job no. 007. Indicate whether each variance is favorable (F) or unfavorable (U).
a) Materials price variance: $__________
b) Materials quantity variance: $__________
c) Labor rate variance: $__________
d) Labor efficiency variance: $__________
a. Materials price variance: $__________
b. Materials quantity variance: $__________
c. Labor rate variance: $__________
d. Labor efficiency variance: $__________

Question

Job no. 007 involved the production of 100 units of product JR. The total standard and actual costs for materials and direct labor on this job are shown below:
 
-Compute the following cost variances for job no. 007. Indicate whether each variance is 	favorable (F) or unfavorable (U).
a) Materials price variance: $__________
b) Materials quantity variance: $__________
c) Labor rate variance: $__________
d) Labor efficiency variance: $__________
a. Materials price variance: $__________
b. Materials quantity variance: $__________
c. Labor rate variance: $__________
d. Labor efficiency variance: $__________

Quizplus · Accepted Answer

The Answer of Job no. 007 involved the production of 100 units of product JR. The total standard and actual costs for materials and direct labor on this job are shown below:
 
-Compute the following cost variances for job no. 007. Indicate whether each variance is 	favorable (F) or unfavorable (U).
a) Materials price variance: $__________
b) Materials quantity variance: $__________
c) Labor rate variance: $__________
d) Labor efficiency variance: $__________
a. Materials price variance: $__________
b. Materials quantity variance: $__________
c. Labor rate variance: $__________
d. Labor efficiency variance: $__________

Job No 007 Involved the Production of 100 Units of Product