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During June , Danby Company’s material purchases amounted to 8. 100 pounds at a price of $8.00 per pound. Actual costs incurred in
the production of 1, 600 units were as follows :
Direct labor :`
$135, 975 ($18.50 per hour )
Direct material :
$ 39 , 206 ($8. 80 per pound )
The standards for one unit of Danby Company’s product are as follows :
Direct Labor :`
Direct Material :
Quantity , 4 hours per unit
Rate , $18. 40 per hour
Quantity , 3 pounds per unit
Price , $7 . 70 per pound
Required :quot;
Compute the direct- material price and quantity variances , the direct-material purchase price variance , and the direct -labor rate and
efficiency variances . ( Indicate the effect of each variance by selecting quot; Favorable quot; or quot; Unfavorable quot; . Select quot; None quot; and enter quot; 0 quot;
for no effect ( i.e., zero variance ) . !`
Direct- material price variance*
Direct-material quantity variance*
Direct – material purchase price variance
Direct – labor rate variance
Direct- labor efficiency variance
Managerial Accounting