Standard Cost System-Materials and Labor Variances

question 28

Essay

Standard cost system-materials and labor variances
Job no.811 involved the production of 200 units of product MF.The total standard and actual costs for materials and direct labor on this job are shown below: Compute the following cost variances for job no.811.Indicate whether each variance is favorable (F)or unfavorable (U).
(a)Materials price variance: $_______________
(b)Materials quantity variance: $_______________
(c)Labor rate variance: $_______________
(d)Labor efficiency variance: $_______________

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Definitions:

Collateral

Assets pledged by a borrower to secure credit or a loan, which can be seized in case of default.

Intangibles

Intangibles refer to non-physical assets that have value, such as intellectual property, goodwill, and brand recognition.

Proceeds

The amount of money obtained from an event or transaction, such as the sale of goods or property.

Creditors

Creditors are individuals, businesses, or entities that are owed money by debtors, typically arising from the provision of goods, services, or loans.