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The following information describes production activities of Truzor Manufacturing for the year: |
| Actual raw materials used | 38,000 | lbs. at $5.70 per lb. |
| Actual factory payroll | 6,000 | hours for a total of $96,000 |
| Actual units produced | 30,000 |
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Budgeted standards for each unit produced are 1.00 pounds of raw material at $5.80 per pound and 10.0 minutes of direct labor at $15.50 per hour. |
| (1) |
Compute the direct materials price and quantity variances.(Input all amount as a positive value. Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response) |
| Price variance |
| Quantity variance |
| (2) |
Compute the direct labor rate and efficiency variances. (Input all amount as a positive value. Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Leave no cells blank – be certain to enter “0” wherever required. Please round to the nearest whole number. Omit the “$” sign in your response) |
| Rate variance |
| Efficiency variance |
