Standard Cost System-Materials and Labor Variances

question 52

Essay

Standard cost system-materials and labor variances
The Hemlock Corporation produces a single product.The company has developed the following standards for labor and materials: During the past month,the company purchased 3,500 pounds of direct materials at a total cost of $4,550.All of this material was used in the production of 1,300 units of output.Direct labor cost totaled $40,300 for the month.The following variances have been computed: Compute the following.If the result is a variance indicate whether it is favorable or unfavorable.If necessary,round your answers.
(a)The standard price of materials ________________.
(b)The standard quantity of materials allowed per unit of output _________.
(c)The actual direct labor cost per hour for the month _____________.
(d)The labor rate variance _____________________.

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Definitions:

Cognitive-Behavioral View

A perspective focusing on the way our thoughts and behaviors interact and how altering these can help address psychological issues.

Schizophrenia

An illness of the mind manifested through irregular behavior, odd speech patterns, and a diminished capacity to grasp what is real.

Rational Path

A course of action guided by logic and reason rather than emotions or impulses.

Disturbing Symptoms

Manifestations of illness or disorders that are troubling both to the individual experiencing them and to others, potentially disrupting normal functioning.