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Find the price and efficiency variances for direct materials

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Reference no: EM132529748

Question - Preff and Sons had the following records for July:

 

Budgeted

Actual

Units produced and sold

40,000

50,000

Direct materials

$160,000

$233,200 for 106,000 pounds

Direct labor

$200,000

$245,520 for 24,800 hours

Each unit is budgeted to require 2 pounds of direct materials and ½ hour of direct labor.

Required - Find the price and efficiency variances for direct materials and direct labor, then net them together (add favorable variances and subtract unfavorable variances). Show all Calculations.

Reference no: EM132529748

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