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MATERIALS AND LABOR VARIANCES
At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products:
Direct materials (5 lbs. @ $4.00)
$20.00
Direct labor (2 hrs. @ $11.25)
22.50
Standard prime cost per unit
$42.50
The actual results for the year are as follows:
a. Units produced: 175,000.
b. Materials purchased: 930,000 pounds @ $4.10.
c. Materials used: 925,000 pounds.
d. Direct labor: 362,500 hours @ $11.15.
Required:
1. Compute price and usage variances for materials.
2. Compute the labor rate and labor efficiency variances.
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