Basic Price and Quantity Variances for Labor and Materials

question 1

Essay

Basic Price and Quantity Variances for Labor and Materials
Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost.Arrow has established the following standards for the direct costs of one unit of product.
During May,Arrow purchased 160,000 pounds of direct materials at a total cost of $304,000.The total factory wages for May were $42,000,90 percent of which were for direct labor.Arrow manufactured 19,000 units of product during May using 142,500 pounds of direct material and 5,000 direct labor hours.
Required:
a.Calculate the direct materials price variance for May.
b.Calculate the direct materials quantity variance for May.
c.Calculate the direct labor wage rate variance for May.
d.Calculate the direct labor efficiency variance for May.

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Definitions:

Bondholders

Individuals or institutions that hold debt securities issued by corporations or governments, thereby lending them money.

Income Tax

A tax that governments impose on financial income generated by all entities within their jurisdiction.

Preferred Stock

A category of corporate ownership that holds a superior right over the company's assets and profits compared to common stock.

Debt

An amount of money borrowed by one party from another, under the condition that it is to be paid back at a later date.