The standard costs and variances for direct materials, direct labor, and factory

Question

The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:

Variances
Standard Cost Unfavorable Favorable
Direct materials $90,000
Price variance $4,500
Quantity variance $2,700
Direct labor $180,000
Rate variance $1,800
Efficiency variance $5,400
Manufacturing overhead $270,000
Spending variance $3,600
Volume variance $2,400

Determine the actual costs incurred during the month of May for direct materials, direct labor, and manufacturing overhead. (Omit the "$" sign in your response.)

Actual costs incurred

Direct materials $
Direct labor $
Manufacturing overhead $

Explanation / Answer

Actual cost for: Direct Material = 90000 + 4500 - 2700 = $91800 Direct Labour = 180000 - 1800 + 5400 = $183600 Manufacturing overhead = 270000 - 3600 - 2400 = $264000 Hope this helps!

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