Standard cost system-materials and labor variances
Job no.811 involved the production of 200 units of product MF.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.811.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: $_______________

Question

Standard cost system-materials and labor variances
Job no.811 involved the production of 200 units of product MF.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.811.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: $_______________

Quizplus · Accepted Answer

The Answer of Standard cost system-materials and labor variances
Job no.811 involved the production of 200 units of product MF.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.811.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: $_______________

Standard Cost System-Materials and Labor Variances