How to find variances

timer Asked: Mar 30th, 2015

Question description

How to find labor rate, labor efficiency, material quantity variances with the information below:

 Direct materials: 7 microns per toy at $0.31 per micron
 Direct labor: 1.5 hours per toy at $7.10 per hour
During July, the company produced 4,700 Maze toys. Production data for the month on the toy follow:
Direct materials: 79,000 microns were purchased at a cost of $0.27 per micron. 37,875 of these microns were still in inventory at the end of the month.
Direct labor: 7,650 direct labor-hours were worked at a cost of $57,375.

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