Homework Answers
To find Actual Hours:
- Direct labor efficiency variance = $197 Unfavorable.
So, (-$197) = (Standard Hours x Standard Price) - (Actual Hours x Standard Price)
-$197 = 1500 x 6.9 - Actual Hours x 6.9
-$197 = 6.90 x (1500 - Actual Hours)
Actual Hours = $197 / $6.90 + 1500 hours = 1528.55 hours
To find Actual Price:
- Direct material price variance = $2,950 Favorable.
So, $2,950 = Actual Quantity x Standard Price - Actual Quantity x Actual Price
$2,950 = 420 x 345 - 420 x Actual Price
$2,950 = 420 x (345 - Actual Price)
Actual Price = 345 - 2950 / 420 = $337.98
So the image would be as follows:
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