The following data are for the month of April for Scott Corporation, a company that makes trophies. $\begin{array}{llll}&\text { Standard Inputs } & \text { Standard } \
&\text { Expected for Each } & \text { Price per } \
&\text { Unit of Output } & \text { Unit of Input }\
\text { Direct material } & 5 \text { pounds } & \$ 12 \text { perpound } \
\text { Direct labor } & 15 \text { hours } & \$ 12 \text { per hour }
\end{array}$ During the month of April the company actually produced 1,000 trophies, which is 100 units less than expected. Direct material purchased and used amounted to 5,500 pounds at a cost of $12.50 per pound. Actual direct labor was 1,450 hours at an actual cost of $13.00 per hour.
Required:
a. What is the standard cost per statue for direct material and direct labor?
b. Compute the price and usage variances for direct material and direct labor.

Question

The following data are for the month of April for Scott Corporation, a company that makes trophies. $\begin{array}{llll}&\text { Standard Inputs } & \text { Standard } \
&\text { Expected for Each } & \text { Price per } \
&\text { Unit of Output } & \text { Unit of Input }\
\text { Direct material } & 5 \text { pounds } & \$ 12  \text { perpound } \
\text { Direct labor } & 15 \text { hours } & \$ 12  \text { per hour }
\end{array}$ During the month of April the company actually produced 1,000 trophies, which is 100 units less than expected. Direct material purchased and used amounted to 5,500 pounds at a cost of $12.50 per pound. Actual direct labor was 1,450 hours at an actual cost of $13.00 per hour.
Required:
a. What is the standard cost per statue for direct material and direct labor?
b. Compute the price and usage variances for direct material and direct labor.

Quizplus · Accepted Answer

The Answer of The following data are for the month of April for Scott Corporation, a company that makes trophies. $\begin{array}{llll}&\text { Standard Inputs } & \text { Standard } \
&\text { Expected for Each } & \text { Price per } \
&\text { Unit of Output } & \text { Unit of Input }\
\text { Direct material } & 5 \text { pounds } & \$ 12  \text { perpound } \
\text { Direct labor } & 15 \text { hours } & \$ 12  \text { per hour }
\end{array}$ During the month of April the company actually produced 1,000 trophies, which is 100 units less than expected. Direct material purchased and used amounted to 5,500 pounds at a cost of $12.50 per pound. Actual direct labor was 1,450 hours at an actual cost of $13.00 per hour.
Required:
a. What is the standard cost per statue for direct material and direct labor?
b. Compute the price and usage variances for direct material and direct labor.

The Following Data Are for the Month of April for Scott