View the step-by-step solution to:

Pete's Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product:

Pete's Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product:


Materials quantity per unit   1 pound

Materials price $ 6.90 per pound

Labor quantity per unit   2 hours

Labor price $ 10.90 per hour

 

During the year, the company made 2,180 units of product. At the end of the year, the following variances had been calculated.

 

Materials usage variance $ 1,863 Favorable

Materials price variance $ 191 Unfavorable

Labor usage variance $ 4,251 Unfavorable

Labor price variance $ 3,325 Favorable

 

Required

  1. Determine the actual amount of materials used.
  2. Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.)
  3. Determine the actual labor hours used.
  4. Determine the actual labor price per hour. (Round your answer to 2 decimal places.)

Top Answer

Answer Actual amount of materials used = 13370 Actual... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online