best bathware company manufactures faucets in a small manufactur 372634

Best Bathware Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows:

Standard wage per hr. ……………………….….. $14.60

Standard labor time per faucet ……………….…. 15 min

Standard number of lbs. of zinc ………………… 1.6 lbs

Standard price per lb. of zinc …………………… $11.50

Actual price per lb. of zinc ……………………… $11.75

Actual lbs. of zinc used during the week ……. 12,400 lbs.

Number of faucets produced during the week …….. 7,500

Actual wage per hr. ………………………………. $15.00

Actual hrs. per week …………………………… 1,800 hrs.

Instructions

Determine

(a) The standard cost per unit for direct materials and direct labor;

(b) The price variance, quantity variance, and total direct materials cost variance; and

(c) The rate variance, time variance, and total direct labor cost variance.