Best Faucet Company manufactures faucets in a small manufacturing facility. The

Question

Best Faucet Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 40 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as follows:

Standard wage per hour   $16.20
Standard labor time per faucet   20 min.
Standard number of lbs. of zinc   1.7 lbs.
Standard price per lb. of zinc   $11.25
Actual price per lb. of zinc   $11.50
Actual lbs. of zinc used during the week   15,800 lbs.
Number of faucets produced during the week   9,000
Actual wage per hour   $16.70
Actual hours per week   1,400 hrs.
Required:
a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places.
Direct materials standard cost per faucet   $
19.13

Direct labor standard cost per faucet   $
2.70

Total standard cost per faucet   $

b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Price variance   $
      
Quantity variance   $
      
Total direct materials cost variance   $
      

c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Rate variance $ SelectFavorableUnfavorableItem 11 Time variance $ SelectFavorableUnfavorableItem 13 Total direct labor cost variance $ SelectFavorableUnfavorableItem 15

Explanation / Answer

Best Faucet Company manufactures faucets in a small manufacturing facility. The

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