Standard versus actual costs For each of the following two jobs manufacturing two different…

Standard versus actual costs For each of the following two jobs manufacturing two different products, determine the missing amounts for items (a) through (h):

ITEM

JOB 321

JOB 322

Units produced

200

(e)

Standards per unit:

 

 

Material quantity

5 pounds

(f)

Material price

$2 per pound

$3 per pound

Labor hours

2 hours

3 hours

Labor rate

$15 per hour

$12 per hour

Actual consumption:

 

 

Material quantity

(a)

1,000 pounds

Material cost

$2,000

(g)

Labor hours

(b)

(h)

Labor cost

(c)

$5,800

Variance:

 

 

Material quantity

(d)

$100 F

Material price

$50 U

$500 F

Labor efficiency

$100 F

$60 U

Labor rate

$60 U

$200 F

 

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