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Calculate the material purchase price variance

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Reference no: EM132743557

Question - Wilson Corp. uses a standard costing system. The following information is available:

Standards for 1 unit Materials 10 lbs @ $2/lb.

Labor 2 hours @ $20/hr.

Actual Results

Manufactured 10,000 units

Materials purchased 120,000 lbs @ $1.80/lb.

Materials used 105,000 lbs

Labor hours 18,500@ $18/hr.

Material spending variance = $14,000 favorable

Required -

1. Calculate the material purchase price variance.

2. Calculate the material quantity variance.

3. Calculate the labor rate variance.

4. Calculate the material labor efficiency variance.

Reference no: EM132743557

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