Solution 1 Diamond Company produces a single product The company has set the following standards for materials and labor
Solution Diamond Company produces a single product The company has set the following standards
Solution Diamond Company produces a single product The company has
produces a single product The company has set the following standards for materials and labor
Solution Diamond Company produces a single product The company
has set the following standards for materials and labor
Solution Diamond Company produces a single product
Solution Diamond Company
(Solution) 1 Diamond Company produces a single product. The company has set the following standards for materials and labor:

Category: General
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1Diamond Company produces a single product. The company has set the following standards for materials and labor: Standard quantity or hours per unit Standard price or rate During the past month, the company purchased 7,000 pounds of direct materials at a cost of $17,500. All of this material was used in the production of 1,300 units of product. Direct labor cost totaled $36,750 for the month. The following variances have been computed: Materials quantity variance...................1Standard quantity or hours per unitstandard price or rateDirect materials? per unit? per poundDirect labor3 hours per unit10 per hour1Materials quantity variance : $1375 UnfavourableTotal materials variance $375 Favorable Labor efficiency variance : $4000 FavorableRequired: For direct materials: Compute the standard price per pound of materials Compute the standard quantity allowed for materials for the month's production. Compute the standard quantity of materials allowed per unit of product. For direct labor: Compute the actual direct labor cost per hour for the month. Compute the labor rate variance.

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