Business, 30.03.2020 21:52 loveyeti106838

Gepp Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit 1 pound Materials price $ 12.50 per pound Labor quantity per unit 2 hours Labor price $ 22.50 per hour During the year, the company made 1,800 units of product. At the end of the year, the following variances had been calculated. Materials usage variance $ 1,000 Favorable Materials price variance $ 860 Unfavorable Labor usage variance $ 4,500 Unfavorable Labor price variance $ 7,125 Favorable Required Determine the actual amount of materials used. Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.) Determine the actual labor hours used. Determine the actual labor price per hour. (Round your answer to 2 decimal places.)

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Gepp Manufacturing Company produces a single product. The following data apply to the standard cost...

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