Answer:
$3,120 U
$480 U
$2,640 U
$142 F
$262 F
$120 U
Explanation:
As per the data given in the question,
Total material variance = Actual cost - Standard cost
= $6,240 - (260 × 5 × 2.4)
= $3,120 U
Material Price Variance = (Actual quantity × Actual rate) - (Actual quantity-standard rate)
= $6,240 - (2,400 × 2.4)
= $480 U
Material Quantity Variance = Standard rate × (actual quantity used - standard quantity)
= 2.4 × (2,400 - (260×5))
= $2,640 U
Total Labor variance = Actual cost - Standard cost
= $15,458 - (260 × 12 × 5)
= 142 F
Labor price variance = (Actual hour × actual rate) - (actual hours × standard rate)
= $15,458 - ($1,310 × 12)
= $262 F
Labor efficiency variance = Standard cost × (Actual hrs used - Standard hours)
= 12 × (1,310 - (260 × 5))
= $120 U
We simply applied the above formulas
