The Standard Costs for a Unit of Product Are Shown

question 47

Essay

The standard costs for a unit of product are shown below. $\begin{array}{llcc} \text { Materials: } & \text { 2 pounds at \( \$ 1.00 \) per pound } &\$2.00 \\ \text { Labor:} & \text { 1 hours at \( \$ 10.00 \) per hour }&10.00 \\ \text {Overhead: } & \text { \( 60\%\) of direct labor } &6.0\\\end{array}$
During June, Job N-5 for 100 units was completed. The actual costs of the job are shown below. $\begin{array}{llcc} \text { Materials: } & \text { 300 pounds at \( \$ 1.45 \) per pound } &\$435.00 \\ \text { Labor:} & \text { 200 hours at \( \$ 9.50 \) per hour }&1,900 \\ \text {Overhead Applied: } & \text { \( 60\%\) of direct labor } &1,140\\\end{array}$ 1. What is the total cost variance between actual cost and standard cost?
2. What is the total material variance?
3. What is the material quantity variance?
4. What is the material price variance?

---

Definitions:

Medical Costs

The expenses associated with healthcare services, medications, and treatments.

Annual Report

A comprehensive report issued by a company, detailing its financial performance, operations, and corporate activities over the previous year.

Public Relations Tool

Instruments or strategies used by organizations to manage and influence public opinion and maintain a positive image.

Recognition Test

A marketing research method that measures how well consumers recognize or recall a brand, advertisement, or product.