Materials and Labor Variances
At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:
|Direct materials (5 lbs. @ $4.00)||$20.00|
|Direct labor (2 hrs. @ $15.00)||30.00|
|Standard prime cost per unit||$50.00|
The actual results for the year are as follows:
1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.
|Material price variance||$|
|Material usage variance||$|
2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.
|Labor rate variance||$|
|Labor efficiency variance||$|