ACCOUNTING EXPERT TODAY11/8

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Business Finance

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Exercise 11-8 The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $292 $12 $293 per per per per hour ton hour ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,787 hours 1,806 tons 4,836 hours 1,783 tons Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance $ $ Materials quantity variance $ Total labor variance Labor price variance Labor quantity variance $ $ $
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