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Calculate the labor efficiency variance

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Reference no: EM132981952

Question - Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below.

Product Gallon of ice Cream

Manufacturing cost information Standard Quantity x Standard Cost per unit = Cost Summary

Direct Materials 6 quarts $1.00 per quart $6.00

Direct Labor 3 minutes $38.00 per hour $1.90

Total Direct Costs $7.90

Actual costs incurred to make 50 gallons of ice cream:

-275 quarts of cream at $1.05 per quart

-165 minutes of labor at $37.00 per hour (60 minutes = 1 hour)

Required -

(a) Calculate the material price variance.

(b) Calculate the material quantity variance.

(c) Calculate the labor rate variance.

(d) Calculate the labor efficiency (hourly) variance.

Reference no: EM132981952

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