2023 Exercise 8 12 Direct materials and direct labor variances LO P2 Reed Corp has set the following standard direct materials | Assignments Online
2023 Exercise 8 12 Direct materials and direct labor variances LO P2 Reed Corp has set the following standard direct materials | Assignments Online
Assignments Online 2023 Business Finance
Exercise 8-12 Direct materials and direct labor variances LO P2
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Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. |
| Direct materials (15 lbs. @ $4 per lb.) | $60 | |||
| Direct labor (2 hrs. @ $16 per hr.) | 32 | |||
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| During June the company incurred the following actual costs to produce 8,900 units. |
| Direct materials (136,800 lbs. @ $3.80 per lb.) | $ | 519,840 | ||
| Direct labor (22,300 hrs. @ $16.10 per hr.). | 359,030 | |||
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| (1) | Compute the direct materials price and quantity variances. |
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