18 Mar Materials and labor variance analyses The standar
Materials and labor variance analyses The standard cost summary for the most popular product of Excelsior Products Company is shown as follows, together with production and cost data for the period. Standard Cost Summary Materials: 2 gallons of liquid lead@$2.00/gallon $4.00 $10.00 2 gallons of varnish@$3.00/gallon $6.00 Labor: 1 hour@$12.00/hour 12.00 Factory overhead: $1.00 per direct labor hour 1.00 Total standard unit cost $23.00 Production and Cost Summary Units completed during the month 9,000 Ending units in process (one-fourth completed) 2,000 Gallons of liquid lead used 21,000 Gallons of varnish used 20,000 Direct labor hours worked 10,000 Cost of liquid lead used 41,160 Cost of varnish used 60,000 Cost of direct labor 117,000 One gallon each of liquid lead and varnish are added at the start of processing. The balance of the materials is added when the process is two-thirds complete. Labor and overhead are added evenly throughout the process. Required: 1. Calculate equivalent production. (Be sure to refer to the standard cost summary to help determine the percentage of materials in ending work in process.) 2. Calculate materials and labor variances and indicate whether they are favorable or unfavorable. 3. Determine the cost of materials and labor in the work in process account at the end of the month. 4. Prove that all materials and labor costs have been accounted for.
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