Standard Cost System-Materials and Labor Variances

question 59

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:

Kansas-Nebraska Act

The 1854 U.S. legislation that created the territories of Kansas and Nebraska, allowing settlers in those territories to decide whether to allow slavery, leading to significant conflict and violence.

Missouri Compromise

A 1820 agreement admitting Missouri as a slave state and Maine as a free state, maintaining a balance between slave and free states in the United States.

Popular Sovereignty

The principle that the authority of the government is created and sustained by the consent of its people, through their elected representatives.

Franklin Pierce

The 14th President of the United States (1853-1857), known for his pro-Southern views and policies that exacerbated sectional tensions leading up to the Civil War.