Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed $ 2.00 per lb. $7.20 per hour $ 1.80 per lb 940,000 lbs. 15,000 1,085,000 lbs. 9,000 970,000 lbs. $5,200 F Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. Total Purchases 2. Compute the direct materials price variance based on quantity purchased. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) U Direct Materials Price Variance 3. Calculate the direct materials quantity variance based on quantity used. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) U Material Quantity Variance

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Actual purchase price
Actual direct labor rate
Standard purchase price
Standard quantity for sets produced
Standard direct labor hours allowed
$ 2.00 per lb.
$7.20 per hour
$ 1.80 per lb
940,000 lbs.
15,000
1,085,000 lbs.
9,000
970,000 lbs.
$5,200 F
Actual quantity purchased in October
Actual direct labor hours
Actual quantity used in October
Direct labor rate variance
Required:
1. Calculate the total cost of purchases for October.
Total Purchases
2. Compute the direct materials price variance based on quantity purchased. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.)
U
Direct Materials Price Variance
3. Calculate the direct materials quantity variance based on quantity used. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.)
U
Material Quantity Variance
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Transcribed Image Text

Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed $ 2.00 per lb. $7.20 per hour $ 1.80 per lb 940,000 lbs. 15,000 1,085,000 lbs. 9,000 970,000 lbs. $5,200 F Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. Total Purchases 2. Compute the direct materials price variance based on quantity purchased. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) U Direct Materials Price Variance 3. Calculate the direct materials quantity variance based on quantity used. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) U Material Quantity Variance

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