Direct Materials and Direct Labor Variances
At the beginning of June, Bezco Toy Company budgeted 24,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows:
Direct materials | $28,800 |
Direct labor | 12,000 |
Total | $40,800 |
The standard materials price is $0.4 per pound. The standard direct labor rate is $10 per hour. At the end of June, the actual direct materials and direct labor costs were as follows:
Actual direct materials | $26,700 |
Actual direct labor | 11,100 |
Total | $37,800 |
There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Bezco Toy Company actually produced 21,600 units during June.
Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Direct materials quantity variance | $ | Unfavorable |
Direct labor time variance | $ | Unfavorable |
When there is no material price and rate variance then difference between standard cost and actual cost are for Material quantity and labor time variance
Direct material quantity variance = (28800/24000*21600)-26700 = 780 Unfavorable
Direct labor time variance = (12000/24000*21600)-11100 = 300 Unfavorable
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