During May, Joliet Fabrics Corporation manufactured 500 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains to May.
Direct material purchased: 18.000 yards at $ 1 .38 per yard | $ 24,840 |
Direct material used: 9.500 yards at $ 1.38 per yard | 13,110 |
Direct labor: 2,100 hours at $ 9.15 per hour | 19,215 |
The standard prime costs for one unit of Stylex are as follows:
Directmaterial:20 yards t $1.35 per yard | $ 27 |
Direct labor:4 hours at $9.00 per hour | 36 |
Total standard prime cost per unit of output | $ 63 |
Required:Compute the following variances for the month of May. indicating whether each variance is favorable or unfavorable.
1. Direct-material price variance.
2. Direct-material quantity variance.
3. Direct-labor rate variance.
4. Direct-labor efficiency variance
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