The following information describes production activities of the providence comp
ID: 2505069 • Letter: T
Question
The following information describes production activities of the providence company.
Raw materials used---------------------------------------16,000 lbs. at $4.05 per lb.
Factory payroll----------------------------------------------5,545 hours for a total of $72,085
30,000 units were completed during the year
Budgeted standards for each unit produced:
0.5 lb. of raw material at $4.5 per lb.
10 minutes of direct labor at $12.50 per hour
Compute the direct materials price and quantity and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable
Explanation / Answer
DM Price Variance = ( SP ? AP )
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