Direct Materials and Direct Labor Variance AnalysisAbbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12 Standard labor time per unit 15 min. Standard number of lbs. of brass 1.5 lbs. Standard price per lb. of brass $11.25 Actual price per lb. of brass $11.5 Actual lbs. of brass used during the week 9,734 lbs. Number of units produced during the week 6,300 Actual wage per hour $12.36 Actual hours for the week (30 employees × 40 hours) 1,200 hrs. Required: a.Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit $fill in the blank 2 Total standard cost per unit $fill in the blank 3 b.Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance $fill in the blank 4 Direct Materials Quantity Variance $fill in the blank 6 Total Direct Materials Cost Variance $fill in the blank 8 c.Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance $fill in the blank 10 Direct Labor Time Variance $fill in the blank 12 Total Direct Labor Cost Variance $fill in the blank 14

Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each...

Direct Materials and Direct Labor Variance Analysis

Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows:

Standard wage per hour	$12
Standard labor time per unit	15 min.
Standard number of lbs. of brass	1.5 lbs.
Standard price per lb. of brass	$11.25
Actual price per lb. of brass	$11.5
Actual lbs. of brass used during the week	9,734 lbs.
Number of units produced during the week	6,300
Actual wage per hour	$12.36
Actual hours for the week (30 employees × 40 hours)	1,200 hrs.

Required:

a.Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places.

Direct materials standard cost per unit	$fill in the blank 1
Direct labor standard cost per unit	$fill in the blank 2
Total standard cost per unit	$fill in the blank 3

b.Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Direct Materials Price Variance	$fill in the blank 4
Direct Materials Quantity Variance	$fill in the blank 6
Total Direct Materials Cost Variance	$fill in the blank 8

c.Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Direct Labor Rate Variance	$fill in the blank 10
Direct Labor Time Variance	$fill in the blank 12
Total Direct Labor Cost Variance	$fill in the blank 14

Jun 08, 2022

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Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each...

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