Standard costing accounting

During May, Joliet Fabrics Corporation manufactured 500 units of a specail multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains to May.

Direct material purchased: 18,000 yards at $1.38 per yard……….$24,840
Direct material used: 9,500 yards at $1.38 per yard…………………$13,110
Direct labor: 2,100 hours at $9.15 per hour…………………………….$19,215

Don't use plagiarized sources. Get Your Custom Essay on
Standard costing accounting
Just from $13/Page
Order Essay

The standard prime costs for one unit of Stylex are as follows:

Direct material: 20 yards at $1.35 per yard……………………………..$27
Direct labor: 4 hours at $9.00 per hour……………………………………36
Total standard prime cost per unit of output……………………………..$63

Required: Compute the following variances for the month of May, indicating whether each variance is favorable or unfavorable.

1. Direct-material price variance.
2. Direct-material quantity variance.
3. Direct-labor rate variance.
4. Direct-labor efficiency variance.

Place Order
Grab A 14% Discount on This Paper
Pages (550 words)
Approximate price: -
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Try it now!

Grab A 14% Discount on This Paper

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.