TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product.
Standard | Standard | Standard | ||||||||||
Quantity | Price | Cost | ||||||||||
Direct Materials | 10 | pounds | $ | 1.90 | per pound | $ | 19.00 | |||||
Direct Labor | .20 | hour | $ | 8.00 | per hour | 1.60 | ||||||
$ | 20.60 | |||||||||||
During November, TaskMaster purchased 200,000 pounds of direct materials at a total cost of $440,000. The total factory wages for November were $48,000, 80% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 175,000 pounds of direct materials and 6,000 direct labor hours.
What is the direct materials efficiency (quantity) variance for November?
$52,500.
$19,000.
$60,000.
$28,500.
Answer- The direct materials efficiency (quantity) variance for November is = $28500 F.
Explanation- Direct Materials Quantity variance = (Standard Quantity- Actual Quantity)*Standard price
=(190000 pounds – 175000 pounds)* $1.90 per pound
= $28500 Favorable
Where:-
Standard Quantity = No. of pound per unit*Actual output
=10 pounds per unit *19000 units =190000 pounds
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard...
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