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Week M1 - Chapter 8 Homework Assignment Problem 1 (Textbook Reference: PS-1) - Compute materials variances A product has a st
Problem 2 (Textbook Reference: P8-3) - Compute labor variances Martin Company makes plastic garbage bags. One box of bags req
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Answer #1

Material Price Variance = (Actual Price - Standard Price) x Actual Quantity Used
= ($7.30 - $7) x 2100 = $630 (U)

Material Quantity Variance = (Actual Quantity - Standard Quantity) x Standard price
= (2100 - 2200) x $7 = $700 (F)
Standard Quantity = 550 x 4 = 2200

Total Material Variance = $630 - $700 = $70 (F)

Labor rate variance = (Actual rate - Standard rate) x Actual hours
= ($5.50 - $6) x 208000 = $104000 (F)
Actual Rate = $1144000 / 208000 = $5.50 per hour

Labor efficiency variance = (Actual hours - standard hours) x Standard rate
= (208000 - 200000) x $6 = $48000 (U)

Total Labor variance = $104000 - $48000 = $56000 (F)

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