High Tech Builds Fence Panels to Custom Order

question 66

Essay

High Tech builds fence panels to custom order.Materials include 15 units of lumber at $2.25/unit.Standards call for 3 hours of labor at $25/hr.During October,3,121 fence panels were built.Materials purchased totaled $113,650 for 51,100 units of lumber.Actual lumber usage in production was 51,069 units.The October payroll was $248,000 for 9,500 hours.Required:
(Be sure to indicate whether the variance is favorable or unfavorable. )
a.Compute the direct material price variance.b.Compute the direct material quantity variance.c.Compute the direct labor rate variance.d.Compute the direct labor efficiency variance.

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Definitions:

Others

People or things that are distinct from the subject or category currently being discussed or mentioned.

Cognitive Maturity

The stage of mental development where individuals are capable of making reasoned decisions, understanding abstract concepts, and reflecting on their thoughts and actions.

Black and White

A metaphorical expression used to describe situations that are viewed in terms of clear, stark oppositions or contrasts, without acknowledging grey areas.

Contexts

Circumstances or settings surrounding a particular event, statement, or idea that affect its interpretation.