5 Jordan Manufacturing Company produces a single product. The following data app

Question

5 Jordan Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: 10 points Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $5.80 per pound 2 hours $9.80 per hour eBook During the year, the company made 1,960 units of product. At the end of the year, the following variances had been calculated. Print Materials usage variance Materials price variance Labor usage variance Labor price variance $ 928 Favorable $ 180 Unfavorable $2,744 Unfavorable $3,570 Favorable References Required a. Determine the actual amount of materials used b. Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.) c. Determine the actual labor hours used d. Determine the actual labor price per hour. (Round your answer to 2 decimal places.) a. Actual quantity b. Actual price (materials) c. Actual labor hours d. Actual labor price pounds per pound per hour

Explanation / Answer

Standard Cost: Qty Rate Total Material 1.00 5.80 5.80 Labor 2.00 9.80 19.60 Total Cost 25.40 Actual Units 1960 Standard Cost for Actual: Actual Cost: Qty Rate Total Qty Rate Total Material 1,960 5.80 11,368 Material 1,800 5.90 10,620 Labor 3,920 9.80 38,416 Labor 4,200 8.95 37,590 Total Cost 49,784 Total Cost 48,210 Material Price Variance (Standard Pri-Actual Pri)Actual Qty -180 Use Actual Qty Here (5.80-AP)AQ -180 (5.80-AP)1800 -180 10440-1800AP -180 10620 1800AP Actual Price 5.90 Material Usgae Variance (Standard Qty-Actual Qty)Standard Price 928 First Calculate (1960-AQ)5.80 928 11368-5.80AQ 928 10440 5.80AQ Actual Quantity 1800 Labor Price Variance (Standard Pri-Actual Pri)Actual Hours 3570 Use Actual Hours Here (9.80-AP)AH 3570 (9.80-AP)4200 3570 41160-4200AP 3570 37590 4200AP Actual Price 8.9500 Labor Eff Variance -2744 (Standard Hou-Actual Hou)Standard Price -2744 (3920-AH)9.80 -2744 First Calculate 38416-9.80AH -2744 41160 9.80AH Actual Hours 4200.00 Main Answer Actual Qty 1800.00 Pounds Actual Price(Mat) 5.90 Per Pound Actual Labor Hours 4200.00 Actual Labor Price 8.95 Per Hour

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