Homework Answers
| calculation of direct material price variance: |
| = (Standard price per unit of material - Actual price per unit of material) × Actual quantity |
| = ($1.25/Foot - $1.15/Foot ) × 1730000 Feet = $173000 F |
| Calculation of direct material quantity variance |
| =(standard quantity of material required for actual production - actual quantity used) × Standard price per unit |
| ((240000*7)-1730000 )X $1.25 = $62500 UF |
| calculation of direct Labourr Rate variance: |
| = (Standard Rate - Actual Rate) × Actual Hour |
| = ($13/Hour - $14.50/Hour ) × 4900 Hour = $7350 UF |
| Calculation of direct Labour Efficiency variance |
| =(standard Hour for Actual Production - actual Hour) × Standard Rate per Hour |
| ((240000*0.022)-4900 )X $13 = $ 4940 F |
Yes Company's Managers have been making trade off in case of material variance by purchasing cheaper material and use it more than std efficiency required for usage of material .
But in case of Labour variance, Manager is not making proper trade off.
But overall trade off has been done by Manager
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standard was 0.025 direct labor hour per fender, at a standard cost
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