Standard costing accounting | Accounting homework help
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During May, Joliet Fabrics Corporation manufactured 500 units of a specail multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains to May.
Direct material purchased: 18,000 yards at $1.38 per yard……….$24,840
Direct material used: 9,500 yards at $1.38 per yard…………………$13,110
Direct labor: 2,100 hours at $9.15 per hour…………………………….$19,215
The standard prime costs for one unit of Stylex are as follows:
Direct material: 20 yards at $1.35 per yard……………………………..$27
Direct labor: 4 hours at $9.00 per hour……………………………………36
Total standard prime cost per unit of output……………………………..$63
Required: Compute the following variances for the month of May, indicating whether each variance is favorable or unfavorable.
1. Direct-material price variance.
2. Direct-material quantity variance.
3. Direct-labor rate variance.
4. Direct-labor efficiency variance.
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