(Question 1) (Question 2) The actual and standard direct materials costs for pro

Question

(Question 1)

(Question 2)

The actual and standard direct materials costs for producing a specified quantity of product are as follows 51,000 lbs. at $5.05 50,000 lbs. at $5.00 $257,550 $250,000 Actual Standard The direct materials price variance is: O $50 unfavorable O $2,500 unfavorable O $2,550 unfavorable $7,550 unfavorable Question 8 2 pts Using the information in Question #7 above, the direct materials quantity variance is: O $5,000 unfavorable $5,050 unfavorable $5,000 favorable O $5,050 favorable

Explanation / Answer

Question 1

Direct materials price variance = (Actual price – Standard price) × Actual quantity

= (5.05 - 5) * 51,000

= 2,550 Unfavourable

Question 8

Direct materials quantity variance = (Actual quantity – Standard quantity) ×Standard price

= (51,000 - 50,000) * 5

= 5,000 Unfavourable

Question 2

Direct labor rate variance = (Actual rate per hour – Standard rate per hour) ×Actual direct labour hours

= (11.8 - 11) * 4,500

= 3,600 Unfavourable.

Question 10

Direct labor time variance = (Actual direct labor hours – Standard direct labor hours) × Standard rate per hour

= (4,500 - 4,800) * 11

= 3,300 favourable.

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