Standard versus actual costs For each of the following two jobs manufacturing two different products, determine the missing amounts for items (a) through (h):
|
ITEM |
JOB 321 |
JOB 322 |
|
Units produced |
200 |
(e) |
|
Standards per unit: |
|
|
|
Material quantity |
5 pounds |
(f) |
|
Material price |
$2 per pound |
$3 per pound |
|
Labor hours |
2 hours |
3 hours |
|
Labor rate |
$15 per hour |
$12 per hour |
|
Actual consumption: |
|
|
|
Material quantity |
(a) |
1,000 pounds |
|
Material cost |
$2,000 |
(g) |
|
Labor hours |
(b) |
(h) |
|
Labor cost |
(c) |
$5,800 |
|
Variance: |
|
|
|
Material quantity |
(d) |
$100 F |
|
Material price |
$50 U |
$500 F |
|
Labor efficiency |
$100 F |
$60 U |
|
Labor rate |
$60 U |
$200 F |