Reference no: EM132780474
JaneFon Industries, Inc. (J'FI), uses standard costs for direct material and direct labor for planning and control purposes. For 2019, estimated the following standard costs for one of their major products, the Iii-gallon plastic container.
Budgeted quantity Budgeted price
Direct materials 0.12 pounds $40 per pound
Direct labor 0.04 hours $20 per hour
During June 2019, JFK produced and sold 25,000 containers using 3,200 pounds of direct materials at an average cost per pound of $38 and 980 direct manufacturing labor-hours at an average wage of $25.00 per hour. There was no direct material inventory at the beginning or end of June.
Problem 1. Calculate the direct material price and efficiency variances for June 2019
Problem 2. Calculate the direct manufacturing labor price and efficiency variances for June 2019
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