Reference no: EM132543270
During June HASF company material purchases amounted to 5,000 pounds at a price of 7 per pound. Actual costs incurred in the production of 5,000 units were as follows
Total direct labor cost 50,000 @10 per hour
Cost of Material used 35,000
The standards for one units of company product are as follows
Direct labor direct material
1.5 hour required for one unit 2 pounds of Material required for one unit
Rate 12 per hour price 10 per pound
Question 1: Compute the following
- Material variance
- Material quantity variance
- Material price variance
- Labor variance
- Labor rate variance
- Labor hour variance
Question 2: Summarize the variance that you computed in 1 above by showing the net overall favorable or unfavorable variance for the month. What impact did this figure have on the company income statement
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