Materials and manufacturing labor variances. Consider the following data collected for Great Homes, Inc.:
|
Direct Materials |
Direct Manufacturing Labor |
|
|
Cost incurred: Actual inputs x actual prices |
$200,000 |
$90,000 |
|
Actual inputs x standard prices |
214,000 |
86,000 |
|
Standard inputs allowed for actual output x standard prices |
225,000 |
80,000 |
Compute the price, efficiency, and flexible budget variances for direct materials and direct manufacturing labor.