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Compute the labor rate and the labor efficiency variance

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Question - Variances for direct materials and direct labor

Banner Company manufactures flags of various countries. Each flag has a standard of eight square feet of fabric and three hours of direct labor time. Information about recent production activity follows.

Actual cost of fabric: $4.50 per square foot

Fabric consumed: 32,080 square feet

Standard price per square foot of fabric: $4.25

Standard direct labor rate: $10.00 per hour

Actual direct labor rate: $10.20 per hour

Actual labor hours worked: 11,940

Actual production completed: 4,000 flags

a. Compute the materials price variance and the materials quantity variance.

b. Compute the labor rate variance and the labor efficiency variance.

Reference no: EM131867291

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