The following direct materials and direct labor data pertain to the operations of Ivanhoe Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price (a) Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Total materials variance $15 $180 $14.50 $182 Quantities Materials price variance Materials quantity variance Total labor variance Compute the total, price, and quantity variances for materials and labor. $ $ per hour per ton per hour per ton $ $ 4,700 hours 1,900 tons 4,760 hours 1,890 tons >

The following direct materials and direct labor data pertain to the operations of Ivanhoe Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price (a) Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used Total materials variance $15 $180 $14.50 $182 Quantities Materials price variance Materials quantity variance Total labor variance Compute the total, price, and quantity variances for materials and labor. $ $ per hour per ton per hour per ton $ $ 4,700 hours 1,900 tons 4,760 hours 1,890 tons >

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Description: The following direct materials and direct labor data pertain to the operations of Ivanhoe Company for the month of August.Actual labor rateActual materials priceStandard labor rateCostsStandard materials priceActual hours incurred and used(a)Actual

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter23: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 1PB: Direct materials and direct labor variance analysis Lenni Clothing Co. manufactures clothing in a...

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