137. Calculate the direct materials price variance. Answer:AQ x AP (18,800 lb. x $2.54/lb.) $47,752 AQ x SP (18,800 lb. x $2.50/lb.) 47,000 Direct material price variance $ 752U Reference: 21_06 138. Calculate the direct materials quantity variance. Answer:AQ x SP (18,800 lb. x $2.50/lb.) $47,000 SQ x SP (18,000 lb. x $2.50/lb.) 45,000 Direct materials quantity variance $ 2,000U Reference: 21_06 139. Job #305 was budgeted to require 3.5 hours of labor at $11 per hour. However, it was completed in 3 hours by a person who worked for $14 per hour. a. What is the total labor cost variance for Job #305? b. Calculate the direct labor rate and efficiency variance for this job.

137. Calculate the direct materials price variance. Answer:AQ x AP (18,800 lb. x $2.54/lb.) $47,752 AQ x SP (18,800 lb. x $2.50/lb.) 47,000 Direct material price...

137. Calculate the direct materials price variance.

Answer: AQ x AP (18,800 lb. x $2.54/lb.)	$47,752
AQ x SP (18,800 lb. x $2.50/lb.)	47,000
Direct material price variance	$ 752U
Reference: 21_06

138. Calculate the direct materials quantity variance.

Answer: AQ x SP (18,800 lb. x $2.50/lb.)	$47,000
SQ x SP (18,000 lb. x $2.50/lb.)	45,000
Direct materials quantity variance	$ 2,000U
Reference: 21_06

139. Job #305 was budgeted to require 3.5 hours of labor at $11 per hour. However, it was completed in 3 hours by a person who worked for $14 per hour.

a. What is the total labor cost variance for Job #305?

b. Calculate the direct labor rate and efficiency variance for this job.

May 15, 2022

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137. Calculate the direct materials price variance. Answer:AQ x AP (18,800 lb. x $2.54/lb.) $47,752 AQ x SP (18,800 lb. x $2.50/lb.) 47,000 Direct material price...

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