Homework Answers
Direct material price variance = (Standard price – actual price)*Actual quantity
(4-13500/3000)*3000
= $1500 unfavorable
b.Direct material quantity variance = (Standard Quantity – Actual Quantity)*Standard Rate
= (300*7 – 3000)*4
= $3,600 Unfavorable
Labor efficiency variance = (Standard hours – actual hours)*standard rate
720 = (300*1 – Actual hours)*9
Hence, actual hours = 220 hours
Labor rate variance = (Standard rate – actual rate)*Actual hours
-1232 = (9 – Actual rate)*220
Actual rate = $14.6 per hour
Hence, actual labor cost = 220*14.6 = $3,212
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