Reference no: EM132529758
At the Jensen Company, standard costs for materials for one unit are as follows:
Standard quantity of materials for each unit: 1.2 pounds
Standard price of materials for each pound: $7.00
1,300 units were produced. Actual cost of materials was $6.90 per pound and 1,885 pounds were used.
Question 1: Determine the materials price variance, materials efficiency variance, and total materials cost variance. Please label each variance (including the total) as favorable or unfavorable.
At the Browning Company, standard costs for labor for the manufacture of one unit of product were as follows:
Standard time per unit .75 hours (45 minutes)
Standard labor rate $20 per hour
4,200 units were produced. Actual payroll was 2,940 hours worked at an average pay rate of $21 per hour.
Question 2: Determine the labor rate variance, labor efficiency variance, and total labor cost variance. Please label each variance (including the total) as favorable or unfavorable.
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