Standard Cost System-Materials and Labor Variances

Essay

Standard cost system-materials and labor variances
The Hemlock Corporation produces a single product.The company has developed the following standards for labor and materials:
During the past month,the company purchased 3,500 pounds of direct materials at a total cost of $4,550.All of this material was used in the production of 1,300 units of output.Direct labor cost totaled $40,300 for the month.The following variances have been computed:
Compute the following.If the result is a variance indicate whether it is favorable or unfavorable.If necessary,round your answers.
(a)The standard price of materials________.
(b)The standard quantity of materials allowed per unit of output ________.
(c)The actual direct labor cost per hour for the month ________.
(d)The labor rate variance________.