Business, 03.07.2020 22:01 gmoney1973

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.40 per pound) $19.20
Direct labor (5 hours at $12.00 per hour) $60.00

During the month of April, the company manufactures 260 units and incurs the following actual costs.

Direct materials purchased and used (2,400 pounds) $6,240
Direct labor (1,310 hours) $15,458

Required:
Compute the total, price, and quantity variances for materials and labor.

Answers: 3

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Answer from: TeenageKicks9800

materials variances

Material price variance = $480 Unfavourable

Material quantity variance = $768 Unfavourable

Material total variance = $1248 Unfavourable

labor variances

Labor price variance = $262 Favourable

Labor quantity variance = $120 Unfavourable

Labor total variance = $142 Favourable

Explanation:

materials variances

Material price variance = (Aq × Ap) - (Aq × Sp)

= (2,400 × $2.60) - (2,400 × $2.40)

= $480 Unfavourable

Material quantity variance = (Aq × Sp) - (Sq × Sp)

= (2,400 × $2.40) - ((260× 8) × $2.40)

= $768 Unfavourable

Material total variance = Material price variance + Material quantity variance

= $480 Unfavourable + $768 Unfavourable

= $1248 Unfavourable

labor variances

Labor price variance = (Aq × Ap) - (Aq × Sp)

= (1,310 × $11.80) - (1,310 × $12.00)

= $262 Favourable

Labor quantity variance = (Aq × Sp) - (Sq × Sp)

= (1,310 × $12.00) - ((260 × 5) × $12.00)

= $120 Unfavourable

Labor total variance = Material price variance + Material quantity variance

= $262 Favourable + $120 Unfavourable

= $142 Favourable

Answer from: Quest

answer; human resource management.(hrm);

Answer from: Quest

The advantage of administering personality tests on employees is that it will allow the employer to know the mindset and personality of the employee. this will allow the employer to at least have an idea as to how the employee works and how his attitude in the workplace. the disadvantage is that it may make the employee a little anxious as to whether he would meet the personality requirements of the employer and whether he would be able to retain the job or not.

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Levine Inc., which produces a single product, has prepared the following standard cost sheet for one...

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