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# 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

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