Question
In: Accounting
Seacoast Company provided the following information about its standard costing system for 2016: Standard Data Actual...
Seacoast Company provided the following information about its standard costing system for 2016:
|
Standard Data |
Actual Data |
|
Materials |
10 lbs. @ $4 per lbs. |
Produced |
4,000 units |
|
Labor |
3 hrs. @ $21 per hr. |
Materials purchased |
50,000 lbs. for $215,000 |
|
Budgeted production |
3,500 units |
Materials used |
41,000 lbs. |
|
Labor worked |
11,000 hrs. costing $220,000 |
Instructions
Calculate the labor price variance and the labor quantity
variance.
Solutions
Expert Solution
- All working forms part of the answer
- Answers
|
Labor Price Variance |
||||||
|
( |
Standard Rate |
- |
Actual Rate |
) |
x |
Actual Labor Hours |
|
( |
$ 21.00 |
- |
$ 20.00 |
) |
x |
11000 hours |
|
11000 |
||||||
|
Variance |
$ 11,000.00 |
Favourable-F |
||||
|
Labour Quantity Variance |
||||||
|
( |
Standard Hours = 4000 units x 3 hrs |
- |
Actual Hours |
) |
x |
Standard Rate |
|
( |
12000 |
- |
11000 |
) |
x |
$ 21.00 |
|
21000 |
||||||
|
Variance |
$ 21,000.00 |
Favourable-F |
||||
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