OS Actual labor rate Actual materials price Standard labor rate Standard materia

Question

OS Actual labor rate Actual materials price Standard labor rate Standard materials price $15 per hour $140 per ton $14.50 per hour $142 per ton uantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 3,800 hours 1,500 tons 3,850 hours 1,490 tons Compute the total, price, and quantity variances for materials and labor Total materials variance Materials price variance Materials quantity vanance Total labor variance Labor price vanance Labor quantity variance lice 2000-2018 John Wiley & Sons Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.

Explanation / Answer

Total materials variance=(1500*140)-(1490*142)= $1580 Favorable Materials price variance=1500*(140-142) = $3000 Favorable Materials quantity variance=142*(1500-1490)= $1420 Unfavorable Total labor variance=(3800*15)-(3850*14.5)= $1175 Unfavorable Labor price variance=3800*(15-14.5)= $1900 Unfavorable Labor quantity variance=14.5*(3800-3850)= $725 Favorable

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