The following information is available:
Actual output was 1,000 units.The company's per unit standards call for 15 yards of direct material at $10.00 per yard and 4 hours of direct labor at $9.50 per hour.The company purchased and used 11,000 yards of material.
Required:
A)Compute the price and quantity variances for direct material.
B)Compute the price and quantity variances for direct labor.
Definitions:
Operating Results
The financial outcomes from a company's core business operations, excluding the effects of financial and extraordinary items.
Activity Variances
Differences between planned or expected levels of activity and the actual outcomes, often analyzed in budgeting and performance measurement.
Spending Variances
The difference between the actual and budgeted amounts spent, often analyzed in budgeting and cost management to identify overspending or savings.
Meals
A term typically used to describe portions of food consumed or prepared for consumption at any given time.
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