Rusty?s Bakery has the following standards for one unit of bread product:s
Quantity: 7 pounds per unit
Price per pound: $10 per pound
Quantity: 3 hours per unit
Rate per hour: $18 per hour
Actual costs incurred in the production of 2,800 units were as follows:
Direct material: $195,350 ($10.50 per pound)
Direct labor: $392,750 ($17.50 per hour)
All materials purchased were consumed during the period.
Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.
Direct Material Price Variance
Direct Material Price Variance = (Actual Quantity * Actual Price ) (Actual Quantity * Standard price)
Actual Quantity 18604.76 Actual Price $ 10.50 Standard Price $...
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