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Category > Accounting Posted 18 Aug 2017 My Price 13.00

Material Price Variance

I need detailed help with steps, I got $7,980 Unfavorable for Material Price Variance and $900 Unfavorable for Material Quantity Variance for a total of $8880 unfavorable for spending variance but it was marked wrong. Please show detailed help with steps and solution :

Sharp Company manufactures a product for which the following standards have been set:
  Standard Quantity
or Hours		 Standard Price
or Rate		 Standard
Cost
  Direct materials 3 feet $ 5 per foot $ 15  
  Direct labor ? hours   ? per hour   ?  
 

     During March, the company purchased direct materials at a cost of $60,450, all of which were used in the production of 3,440 units of product. In addition, 4,900 hours of direct labor time were worked on the product during the month. The cost of this labor time was $41,550. The following variances have been computed for the month:

Materials Quantity Variance : $900 Unfavorable

Labor Spending Variance : $270 Unfavorable

Labor Efficiency Variance : $2,080 Favorable

Question : Compute price variance and spending variance
       
  Materials quantity variance $ 900 U  
  Labor spending variance $ 270 U  
  Labor efficiency variance $ 2,080 F  

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 13.00

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