Question

The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Cos

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  • Total material variance

Material Spending Variance

(

Standard Cost

-

Actual Cost

)

(

$                   353,920.00

-

$          352,000.00

)

1920

Variance

$              1,920.00

Favourable-F

  • Material Price Variance

Material Price Variance

(

Standard Rate

-

Actual Rate

)

x

Actual Quantity

(

$                            224.00

-

$                  220.00

)

x

1600

6400

Variance

$              6,400.00

Favourable-F

  • Material qty variance

Material Quantity Variance

(

Standard Quantity

-

Actual Quantity

)

x

Standard Rate

(

1580

-

1600

)

x

$                      224.00

-4480

Variance

$              4,480.00

Unfavourable-U

  • Total Labor Variance

Labor Spending Variance

(

Standard Cost

-

Actual Cost

)

(

$                      53,500.00

-

$            54,600.00

)

-1100

Variance

$              1,100.00

Unfavourable-U

  • Labor Price variance

Labor Rate Variance

(

Standard Rate

-

Actual Rate

)

x

Actual Labor Hours

(

$                              12.50

-

$                    13.00

)

x

4200

-2100

Variance

$              2,100.00

Unfavourable-U

  • Labor qty variance

Labour Efficiency Variance

(

Standard Hours

-

Actual Hours

)

x

Standard Rate

(

4280

-

4200

)

x

$                        12.50

1000

Variance

$              1,000.00

Favourable-F

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