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Fill in the Missing Information in the Following Table

Question 164

Essay

Fill in the missing information in the following table:
 Direct  Direct  Material  Labor  Actual quantity used per unit 4.0 pounds  (c)  Actual price paid $8 per pound $12 per hour  Standard quantityper unit 2 pounds 4 hours  Standard price per unit  (a) $11 per hour  Price variance $2,000 (U) $1,000 (U)  Usage variance (b)$700(F) Flexible-budget variance $500(U)(d) Actual quantity produced 500 units \begin{array}{lrr}&\text { Direct } & \text { Direct } \\&\text { Material } & \text { Labor }\\\text { Actual quantity used per unit } & 4.0 \text { pounds } & \text { (c) } \\\text { Actual price paid } & \$ 8 \text { per pound } & \$ 12 \text { per hour } \\\text { Standard quantityper unit } & 2 \text { pounds } & 4 \text { hours }\\\text { Standard price per unit } & \text { (a) } & \$ 11 \text { per hour } \\\text { Price variance } & \$ 2,000 \text { (U) } & \$ 1,000 \text { (U) }\\\text { Usage variance }&(b)&\$700(F)\\\text { Flexible-budget variance }&\$500(U)&(d)\\\text { Actual quantity produced }&500 \text { units }\\\end{array}

Correct Answer:

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a. [($8.00 - (a)) x (500 x 4.0)] = $2,00...

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